WE ASK AGAIN: IF DEBT RESTRUCTURING FAILS; WHAT HAPPENS TO THE KWACHA?- Dr Fred M’membe

15
4571
Dr. Fred M'membe

WE ASK AGAIN: IF DEBT RESTRUCTURING FAILS; WHAT HAPPENS TO THE KWACHA?

A few months ago, we raised concern about the debt restructuring and the Kwacha, which is now in free fall and currently one of the world’s worst performing currencies.

We asked Mr Hakainde Hichilema and his corrupt puppet regime to state clearly what other options were there for Zambia under the UPND government rule?

Dr Situmbeko Musokotwane, the Minister of Finance, once said the Kwacha was depreciating due to the country’s delayed debt restructuring. If he were right, then what would happen to the Kwacha if this debt restructuring totally failed?

The reality is that Zambia’s debt is not new, it hasn’t just arisen. The Kwacha was, for some time, appreciating on the back of this national debt burden. It even went as low as K15.89 to the US Dollar under this government.

But it is now flying over and reaching K23.5 to the US Dollar under the same government. What exactly is happening? What practical interventions are there to help the situation? What next if debt restructuring collapses completely?

We deserve to know the truth about the economy and the future of our country as well as how we will respond to this debt restructuring plan and how we should proceed with it as a result of the current setbacks. It is not right that when the international media platforms are all talking about us, our own leaders are mute and going about the situation like it’s business as usual.

We ask them to address us with the same zeal they had when they returned from the debt restructuring meetings in France in June. They were ecstatic; they even came out of the sunroof of their vehicles as they triumphantly drove through the streets of Lusaka. But what has changed now?

The country is waiting to hear from them. They can’t afford to be this quiet and not be able to talk about the situation especially when everything is going wrong and nothing seems to be working out for them.

Dr Fred M’membe
President of the Socialist Party

15 COMMENTS

  1. Go and ask that to your fellow idiots who plunged us into this senseless debt. Do not annoy us more by asking stupid questions, you know where to find your stupid friends with stinking annuses, they come to your police cell whenever you are arrested, soon all of you will be counting the prison bars as STUPID IDIOTS and deserving prisoners. STUPID IDIOT.

    • You wanted to govern Zambia Ba cembele,be brave and take the heat.The governed are not livestock, don’t insult them!!!

  2. I read and don’t find you giving solutions if you love this country giving solutions now you can’t wait until you are president which you won’t be every well meaning zambisn knows that we are in this because of your friends who borrowed and shared the money

  3. Let Finance minister give a statement regarding
    Free fall of our kwacha.
    Mr Member you can also offer solution to the
    Free falling kwacha.

  4. Namakando Fred. Give solutions not just talk. After all you are an economist from unza. Talk is cheap. Unless your are an empty vessel which makes the loudest sound.

  5. Uncle Fred,
    This is not about who is a puppet and who is a revllutionary. Neither is it about who is a capitalist and who is a Marxist. It is about Zambia and Zambians. Question is what solutions do you have? Can you bring them on the table?
    You claim to be a patriot. This is the right time do demonstrate it.

  6. Editorial master. I totally agree with you Fred. Govt owes us explanation so people prepare mentally in anticipation of the economic outcome. Atleast Mwanawasa succeeded with HIPC. The biggest challenge with our Freinds in UPND is that they don’t consult. If only…

  7. Mr. or Dr. M’membe, whichever applies, it’s not good to be so negative about your government all the time just because you hate its leader, it does not and it cannot help you anything. Today, I want to ride on Sipuki Mulemwa’s words where he said; “criticizing anything and everything the government says or does without offering alternative solutions is malicious.” This is what some of you are doing, running editorials every day criticizing anything and everything the government says or does without offering any alternative solution. In his article, Mr. Mulemwa further said that; patriotic citizens should always strive to do the very best for their country, regardless of their religious or political affiliation. These are the words we expect from every well-meaning Zambian including religious and political leaders. No one will develop Zambia for us but ourselves, leaders come and go, but Zambia remains, it is therefore ourselves who can either develop it or destroy it further. We can be Capitalists, Socialists, Liberal Democrats or whatever name, but there is no country in the world which was developed by its ideology, but all the countries are developed by their own citizens. An Ideology is the belief which drives or motivates our spirit to work hard for the betterment of our country. You can talk of counties like China, Russia, Germany, USA, UK and others, they all went through the same path, Now you are even asking that if restructuring fails, what will happen to the kwacha? Whom are you asking and in the first place why should it fail? Can Hakainde alone develop the country while the rest of us are just watching from terraces? Are all the solutions to our problems going to come from Hakainde and not from us also? It is sad to learn that when everyone is praying for our economic success, you, you are also praying for its failure, that is being worse than a witch. Why are you always negative about the government? Since HH came to power, you have not acknowledged or appreciated anything he has done, that is being un patriotic. For example, today HH was in the Northern Province officially opening Kasama Airport much to the delight of the traditional leaders, Religious leaders and all the people of Northern Province. Are all these achievements failures to you? Just try to persuade or convince your conscious to come to terms and accept that Hakainde is now the president of Zambia and there is nothing you or anyone else can do about it.
    I also want to tell you that chances of the Debt restructuring succeeding are by far more than the chances of it failing. Zambia is now a model not only in Africa but the whole world and the world can be in terrible shock if they woke up one morning and heard that Zambia Debt restructuring programme has failed. HH is a very honest and consistent person with whatever he is doing. It is less than a week when he in Europe visiting Germany and Italy respectively and besides meeting the Leaders of those countries, he had time to meet the World Bank President Mr. Ajay Banga and IMF Managing Director Kristalina Georgieva and assurances were made on their side that the Debt Restructuring programme was on course and we are all full of optimism that it is going to succeed. What are the other options, in case it failed? You are asking. The Government has stated clearly that as a country, we want Copper production to reach 3 million tons annually for the next 10 years, Agriculture, we are targeting 10 million metric tons through mechanized farming and Agricultural finance windows, foreign Investors to partner with locals for mutual benefit for both sides, they have the technology and we have the land and resources, then there is value addition for maximum benefit from our resources, regulation of mining in the country to maximize the benefit from its minerals like Lithium, Sugilite, Manganese, Gold, Emeralds etc. of course not forgetting about boosting the Tourism Sector. I am sure this is the clear message from the Government if you want to know the other options which are there for Zambia and its kwacha’s stability and strength.
    Although it is your wish, but I can assure you, Zambia’s Debt restructuring programme cannot fail, we are already advanced to reach the level at which we are. If the programme fails, then it will be IMF itself failing as well.

  8. Zambian opposition leaders are a total disappointment. I have been scrutinizing them all, but they are all very irresponsible and just arrogantly abusive empty tins making noice. Let’s take a look at the most noise makers:
    1. SABOI IMBOELA – a woman with no morals or
    decency who does not know what it takes to
    be a political leader. She is totally clueless.
    2. CHISHALA KATEKA – a sober woman who
    should have stayed away from opposition party
    politics. She would do well running a charitable
    organisation. Politics isn’t just her province.
    She has already been soiled by the dirt political
    individuals she is associating with.
    3. EDITH NAWAKWI – a decadent woman full of
    hatred and bitterness. She doesn’t add any
    value to the political discourse in Zambia. She
    is a political hasbeen..
    4. CHISHIMBA KAMBWILI – a flipflopping divisive
    tribalist who cannot be trusted even by his
    close friends. He has no political leadership
    manners. Even late President Michael Sata had
    problems placing him. He should just stick to
    running his businesses.
    5. KELVIN BWALYA FUBE – a self centred
    know-it-all and power hungry man who is just a
    turn coat with a forked tongue.
    6. HARRY KALABA – a man who overrates himself
    for no reason at all. He does not take stock of
    the political landscape and current state of the
    minds of the people. He gets fooled by the
    cries of PF cadres who survived on stealing
    and looting.
    7. MILES SAMPA – a young fellow who has a lot to
    learn. He acts on quick reflexes and ends up
    not achieving anything. He has to learn from
    somebody.
    8. SEAN TEMBO – just a useless political clawn
    who cannot even attract flies to his party.
    9. FRED NAMAKANDO MMEMBE – a very bitter
    man on a suicide mission hell bent on destroying
    other people. He is a pathological liar who can
    cause serious problems in the country. He used
    to insult, vilify and assassinate the character of
    anyone he hated for no reason using his Post
    Newspaper. He is still at it now using his
    Socialist Party platform. He very talented
    at manipulating the gullible who feeds with
    long articles full of insults and pure lies.
    10. EDGAR CHAGWA LUNGU – a man who brutally
    messed the country when he was in power.
    We are in the current mess because of him.
    He is a shameless thief who should be in jail
    now.
    Perhaps we shall have better opposition leaders after the 2026 general elections – that is by 2031. I must repeat here. Prior to the 2026 elections, we shall only have irresponsible, self centred and arrogant propagandists masquerading as opposition politicians.

    f

LEAVE A REPLY

Please enter your comment!
Please enter your name here