It’s childish, foolish to trivialise HH’s work on debt restructuring

It’s childish, foolish to trivialise HH’s work on debt restructuring

By Daily Revelation Editor

President Hakainde Hichilema and his UPND administration have done a commendable job for securing the debt restructuring, first with bilateral and multilateral lenders, and secondly with bondholders, although more work still needs to be done.

There are arguments that the country has actually achieved nothing for attaining this milestone, with some arguing that what the government has achieved is simply to postpone the repayment of debt. But it can also be argued that the country has been suffocating to meet its debt obligations right now, therefore it should be celebrated that we have bought ourselves sometime in terms of those debt obligations so that if the government puts its act well, we shall be in a position to pay up when the time is due.

It should show us the desperate levels the country has been to that today a debt restructure could be celebrated from the mountain tops in this manner. We feel the former administration of Edgar Lungu was very reckless in its borrowing to have allowed the debts to reach such unsustainable levels, and Hakainde must take a leaf from that so that as he works on restructuring the former debt, he is not accumulating huge debts himself which will require him or another leader to start cleaning up the mess in the future.

Given the desperate situation the country is in, this debt restructuring should not be trivialised in any way. It surely is something very important that it consumed even the attention of debt creators themselves in Edgar’s administration to have picked Lazard freres to provide advisory… https://dailyrevelationzambia.com/its-childish-foolish-to-trivilise-hhs-work-on-debt-restructuring/