Pump $3bn of new money into local economy to reduce poverty – Silavwe

Pump $3bn of new money into local economy to reduce poverty – Silavwe


By Bright Tembo


GOLDEN Party Zambia president Jackson Silavwe says IMF-World Bank prescribed economic interventions implemented by President Hakainde Hichilema are a total disaster for the Zambian economy.

He says solutions to Zambia’s economic malaise, the high cost of living, stagnant economy, high poverty levels and unemployment are all within Zambia.

“IMF/World Bank prescribed economic interventions implemented by President Hichilema are a total disaster for the Zambian economy,” Silavwe argues. “Once again like the structural adjustment programmes, SAPs of the 90s, Zambians have being subjected to very harsh economic conditions.”

He added that in the next two years President HH should work on three economic priorities.

“People and businesses are suffering. President Hakainde Hichilema and the UPND must focus on three economic priority areas for the next two years. Increase government revenue. The low hanging minerals or resources are gold, sugilite, lithium and agriculture,” Silavwe said. “For the next two years, government must raise and pump directly into the local economy a minimum between US $500 million to $1.5 billion per year. Outcome: $3 billion in two years of ‘new money’ into the local economy will certainly translate into poverty reduction for a common Zambian. High Quality Startups: Invest $1 to $2 billion directly in 10,000 to 20,000 Zambian startups to create 50,000 to 100,000 direct jobs in the private sector for the next three years. Outcome, by year 2027 and beyond the $2 billion local investment will grow to approximately $4.5 to $5 billion added to the Zambian economy.”

He called for increasing ease of doing business for the current 50,000 local small and medium businesses across all the sectors of the economy.

“Outcome: The measure will increase the country’s GDP and raise people’s income to afford the high cost of living. This measure will translate into an additional 50,000 informal jobs approximately,” Silavwe said.

He wondered if the new dawn government is capable of changing economic course.

“To put it simply, President HH and his government must raise more government revenue from local resources and expand the local economy to create approximately 150,000 plus jobs in the private sector between 2024 and 2027,” said Silavwe. “The solutions to Zambia’s economic malaise – the high cost of living, stagnant economy, high poverty levels and unemployment are all within Zambia. The question is is President Hichilema and his government capable of changing economic course?”