LUBINDA HAABAZOKA SAYS CRITICISM OF PRESIDENT HICHILEMA’S ECONOMIC RECORD IS UNFAIR
Associate Professor of Banking and Financial Economics at the University of Zambia and Director of the Graduate School of Business Lubinda Haabazoka says criticism of President Hakainde Hichilema’s handling of the economy is unfair, arguing that the administration inherited deep economic challenges that required urgent intervention.
Professor Haabazoka says President Hichilema inherited an economy burdened by high debt levels, limited fiscal space, the effects of covid-19 and stalled projects, making debt restructuring and economic stabilization the immediate priority before expanding spending.
Speaking when he featured on the Friday’s edition of Let the People Talk on Phoenix FM, Prof. Haabazoka said government deserves credit for restoring macroeconomic stability through measures that have contributed to single-digit inflation, a stronger kwacha and increased foreign exchange reserves, which he says are critical for protecting the economy from external shocks.
Professor Haabazoka also defended the accumulation of international reserves, dismissing calls for government to simply withdraw the funds for spending, explaining that the reserves are held by the bank of Zambia to support imports, maintain currency stability and facilitate international transactions.
He has however called on government to shift focus towards creating jobs, attracting investment and promoting local businesses, saying the benefits of improved economic fundamentals must now translate into better livelihoods for ordinary citizens.
PN