It’s not wise to raise people’s hopes very high over debt restructuring deal – M’membe

It’s not wise to raise people’s hopes very high over debt restructuring deal – M’membe

By Rhoda Nthara

OUR economic recovery is not simply about debt restructuring, says Socialist Party president Fred M’membe.

“It’s not wise to raise our people’s hopes very high over this debt restructuring deal. Yes, it gives us a sigh of relief. But this guarantees us nothing. Our economic recovery is not simply about debt restructuring,” said Dr M’membe.

“More than debt restructuring needs to be done to give our people a better life. We had complete debt write-off under HIPC, what and how much economic prosperity did that bring us? Now that they have indicated that debt restructuring is a done deal and that we will see an economic boom, we await the promised economic benefits. The cost of living is very high for our people…”

Meanwhile, local government minister Gary Nkombo commended President Hakainde Hichilema, Minister of Finance Situmbeko Musokotwane and team for striking the deal with eurobond holders.

Nkombo told parliament on Tuesday that the deal is the first of its kind.

”Maybe you can allow me to just congratulate the President of the Republic of Zambia Mr Hakainde Hichilema, Dr Musokotwane and the team for managing to strike a deal with the [Eurobond holders], something that has never happened on the continent of Africa.

This is the first of its kind,” said Nkombo. “We are looking for all like-minded people to encourage the President for the amount of work, for the mammoth amount of work, he has done that you see pressure reduce so that we can attend the social sectors such as what the honourable member of Kapoche is lamenting about (rehabilitation of roads in his constituency).”