Tonse’s Finance Chief, Mutotwe Kafwaya Vows to Scrap Zambia’s Debt Restructuring, Says Highway Funds Should Have Paid Creditors Instead
Tonse Alliance Financial Chairperson Mutotwe Kafwaya says that if his alliance forms government and he becomes Finance Minister, one of his first decisions would be to abandon the debt restructuring program negotiated by the UPND administration.
According to Kafwaya, Zambia never needed to restructure its debt in the first place. Instead, he argues, the government should have used funds allocated to major infrastructure projects—such as the Lusaka–Ndola Dual Carriageway—to pay off creditors.
He further claimed that Zambia could have settled part of its debt using its mineral wealth, including gold, rather than renegotiating repayment terms that extend debt obligations for years to come.
“Restructuring the debt was not necessary. The government could have used the money allocated to the Lusaka–Ndola Dual Carriageway project to pay off the debt. They could also have used minerals like gold to settle the debt instead of extending repayments into future years,” Kafwaya said.
The remarks are likely to spark debate, as they challenge one of the UPND government’s signature economic policies. Critics may question how diverting funds from major infrastructure projects—or using strategic mineral resources to retire debt—would have addressed Zambia’s broader fiscal and financing constraints.
Kafwaya’s comments add to a growing list of unconventional proposals that have attracted public scrutiny. Whether they reflect a workable economic strategy or simply political rhetoric is for voters to judge.
For someone aspiring to oversee Zambia’s finances, Kafwaya’s latest proposal is going to raise eyebrows among economists. Saying that debt restructuring should simply be replaced with highway funds and mineral sales may resonate politically to some, but economists argue it oversimplifies one of the country’s most complex economic challenges.