STATEMENT BY UPND SECRETARY GENERAL, BATUKE IMENDA
FOR IMMEDIATE RELEASE
30th March 2024
RE: POLITICAL HOODLUMS MISINFORMING ZAMBIANS
The opposition political parties are deliberately trying to misinform citizens by twisting the narrative about Zambia’s debt restructuring, earlier agreed with Official Creditors and the Bondholders.
Visionary President Hakainde Hichilema and his administration did not ask for debt forgiveness because they know they can pay back the PF acquired debt given an enabling fiscal space.
Therefore, it’s a fact that debt restructuring is not debt forgiveness as the doomsayers are trying to mislead and lie to Zambians.
Unfortunately, we are aware of the opposition schemes of misinformation about national issues.
They believe the citizens of this country do not understand the difference between debt forgiveness and restructuring, hence their unbridled propaganda against this achievement by the new dawn administration.
But Zambians know that Debt restructuring is a necessary exercise to fix public finances which were highly compromised by the Patriotic Front government’s financial indiscipline and recklessness.
The restructuring of the debt to pay later was necessary to create fiscal headroom for the country.
The doomsayers should know that they are only managing to annoy Zambians, who are the direct beneficiaries of this acquired relief.
If Zambians were made to pay back the 750 million Dollars in 2022, 1.3 billion Dollars in 2024 and another 1 billion Dollars in 2027, which PF borrowed, their lives could have been in disarray.
Our people fully understand that this government has only been accorded fiscal space by its official creditors and bondholders.
As Zambians, we know that President Hichilema first needed to tackle the debt burden imposed on them by former president Edgar Lungu with his friends before embarking on accelerated developmental programs.
As elaborated by the hard working Finance Minister Situmbeko Musokotwane, the UPND shall now focus on ramping up productivity, achieving food security, collecting enough taxes to fund our social budget and increasing both local and foreign investments.
Therefore, the hate being exhibited and the prejudice being held against the United Party for National Development (UPND) government will not help these political hoodlums, who don’t mean well for the citizens of this country.
These opposition leaders are on record, having doubted the success of the debt restructuring and today they are deliberately trying to mislead their blind followers.
Lungu and his friends in the United Kwacha Alliance are manipulating the narrative that debt restructuring will not benefit the citizens.
It’s shameful that those who aspire to lead the country are bent on causing further destruction, where the majority citizens are condemned to excruciating poverty and misery.
President Hakainde Hichilema and his team are working extremely hard to develop this country.
They are individuals that are now shamelessly claiming that they started the process and are now eager to share credit.
They did enough damage to the country, all we are asking them is to watch and see us apply resolute and beneficial economics.
Issued by:
Hon. Batuke Imenda
UPND SECRETARY GENERAL
Only a year ago Upnd and praise singers were at airport to celebrate the Paris Club achievement. 12 months down the line the economy has gotten worse. So the opposition are not fools, they understand things may be even better than those in government. Debt restructuring or debt forgiveness, the truth is that it will not better the economy, because even the past two years no debt servicing was taking place, so why cheat people that money will be saved from paying debt, when the truth is that there’s no money in the country to save, because almost nothing is coming from the mines to the treasury ! So there’s no good news that Zambians are expecting in next 2 years because income from the mines is not just there.
Unfortunately, it’s not fault and may even not your mother’s fault too. Put it this way, PF dunderheads like you can never learn or understand anything no matter how many times you repeat. You’re like shit that won’t go no matter how many times you flash the toilet!!
Your Party Defaulted the $750 million Eurobond repayment because you had stolen even the sinking fund for repayment which was due in 2021. There was no money to pay the second Eurobond repayment in 2024 for $1billion as well. So where did you think the UPND Govt would get the money for repayments? You need your grandmother to teach you economic management to understand. Unfortunately, even your grandmother is as thick as you!
In simple language, you PF thieves borrowed too much and stole the money instead of investing. We in UPND have now restructured the debt which you couldn’t and the economy grew by 4% in 2023 despite the mines you left in shambles in 2021.
We have also recapacitated Mopani and KCM and production will go up in 2024. This will grow the economy to above 6%.
You exhibit astonishing levels of ignorance, like other PF cadres which is not amazing given your high levels of illiteracy.
Are you not ashamed of yourselves? You even show it publicly in social media? Shame on you.
Debt Restructuring negotiations were started by PF!
They failed!
Why?
They wanted Debt forgiveness instead of Debt Restructuring!
They also failed due to lack of credibility, Democratic credentials, Fiscal Discipline and lack of Diplomatic etiquette!
Zambia was supposed to be paying $780 million per year! With the Debt Restructuring, we’ll be paying $75 million per year!
To those who are not Financially literate, they should know that bad loans can be refinanced even at personal level! What you do with the new headroom will either build or destroy you! If you maintain Discipline with Expenditure, you will be able to stimulate your pocket to generate surplus cash to liquidate debt at a faster rate! For example, if you stimulate the economy well, you can afford to pay $1 Billion in a good year to reduce your principle amount owing, thereby reducing your annual repayment amounts!
No one forgives debt today!
The crucial benefit of this Debt Restructuring is an improvement in our Credit worthiness as a country! It’s like being taken off the CRB list!
It means bank interest rates going down and creating liquidity in the economy!
Debt is good if you know how to use it!
Access to affordable loans requires that a country’s credit rating be favourable!
With improved credit score, it will now be easy to import fuel products, further lowering the cost of fuel!
You need a little knowledge in economics to understand what HE President Dr HH Bally is doing! Check this economy a year from now! It will be a different economy in the positive sense!
You have argued on the issues well. The only problem is that you appear to have stumbled into the governance of Zambia totally BLIND!!! and clueless !!! Just imagine a doctor blaming the mosquito parasite as a treatment for the malaria!! In tort law, the “eggshell skull” rule states that the defendant (UPND) should treat the victim (Zambia) as found!
When you applied for the job, you expected a perfect God sent pick nick!! You are supposed to be the knights in white armour! Now, it’s a matter of “look what the cat has bought in”!!! The blame game is a vote losing game!!!