WE ARE BEING VINDICATED ON DEBT RESTRUCTURING
By Dr Cosmas Musumali, Socialist Party General Secretary
The Socialist Party has, over the past two years, warned of a looming impasse due to the naive and laissez-faire approach adopted by President Hakainde Hichilema and his government on debt restructuring.
We took every opportunity possible to elaborate what would have been the appropriate political, diplomatic, and economic steps to take given the changes in the current debt portfolio and rapidly changing geopolitical context. However, our advice was arrogantly thrown away.
Today, we are being vindicated. A revised deal on the US$3 billion Eurobonds cannot be implemented. Official creditors are vehemently against the unreasonable capitulation to the group of bondholders. The IMF worked out what could have been a compromise solution, but this was still far from satisfying the frustrated official creditors. In other words, the much-taunted Common Framework Process is stalling, bondholders are up in arms, the market value of the bonds is plummeting, and official creditors feel duped.
This cannot be in the best interest of the Zambian economy and the masses of our people who are being systematically impoverished.
Some significant rethinking has to be done. A more nuanced approach is needed. The Socialist Party still avails itself for dialogue and consultations.
I admire Dr Musumali. His approach to politics is civil, sober and issue based unlike his brother uncle Fred.
Just anaza PF khada masquerading as opposition. Address the cause, reckless overborrowing by PF.
Attacking the one cleaning up the mess does not solve anything.
People say that prevention is better than cure, for us to reach that far, where were people like you Sir? Things were getting worse everyday that passed, imwe muli ndwii. What can you tell us and what are you telling us now? If you only voiced out that time, the situation could have been different. PF freely defaulted on Eurobond and yet voices like yours were quiet, you mean you could not advise, help or guide PF that time? At least the new dawn is doing its best trying to normalize the situation, it just needs our support. We need solutions to our economic problems and not your vindication.
Mr nail musumali with your extension party PF criminals I’m sure you are addressing people who did not commit any case therefore that energy should go to your fellow criminals PF who over borrowed money from chime.