PF MUST BE GRATEFUL THAT HH HAS RESTRUCTURED THEIR DEBTS WHICH NEVER EVEN BENEFITTED THE COUNTRY SAYS ROMEO KANGOMBE
“The country is celebrating the restructuring of debt which was a burden on our country. The IMF will advance homegrown reform plan to restore debt sustainability, create fiscal space for much-needed social spending, and strengthen economic governance. This is what the country is celebrating” Romeo Kangombe has Charged.
Sesheke Member of Parliament said the Patriotic Front party and it’s surrogates have no moral right to condemn the IMF support program because it their administration which brought the country to this level through reckless borrowing.
“PF borrowed recklessly and used the money for personal luxury not for national development. They should appreciate President Hakainde Hichilema for cleaning their mess not these ungrateful comments we are seeing. Hakainde Hichilema has spent One year of his time in office sorting out debt problems left by PF, so for once let these goons have a sense of shame” said Romeo Kangombe
Yesterday Zambia woke up to the long awaited news of IMF bailout. The IMF Board approved US$1.3 billion 38-month ECF arrangement for Zambia to help restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.
Zambia is dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive. Growth has been too low to reduce rates of poverty and inequality that are amongst the highest in the world. Zambia is in debt distress and needs a deep and comprehensive debt treatment to place public debt on a sustainable path.
The ECF-supported program will help reestablish sustainability through fiscal adjustment and debt restructuring, create fiscal space for social spending to cushion the burden of adjustment, and strengthen economic governance, including by improving public financial management. The program will also catalyze much needed financial support from development partners.