WESTERN COUNTRIES HOLDING ZAMBIA TO RANSOM
….assertions of a debt trap by China is a BIG LIE – Dr M’membe
Lusaka, Sunday, January 2023 ( Smart Eagles )
If there is a debt trap, it is the USA and Britain holding Zambia to ransom debt, Socialist Party (SP) Leader Dr Fred M’membe has said.
Dr M’membe said contrary to some assertions, the problems Zambia has do NOT result from China Debt but that of Western Countries.
He said only 30% of Zambia’s foreign debt is held by China, while 70% is held by western countries and their private individuals firms.
The Socialist Party leader has noted that the Debt held by China has been well utilised because the country has benefited in form of schools, Hydro Electric power, schools, Hospitals and other infrastructure.
“There is very little I can show you that this is what was spent on from the 70% debt we owe to western Countries mainly USA and Britain. That debt was spent on paying some of the VAT refunds to western mining corporations. If there is a debt trap it is the western countries who have trapped us into this debt,” he said.
He said the whole thing of a debt trap by China is a lie.
“They now want China to help Zambia repay, the Western debt. China has not raised an alarm of Zambia failing to meet its debt obligations. Who has trapped who if there is a debt trap , it is the western countries who have trapped us into debt. The IMF is coming in with an Extended Credit Facility just to meet Zambia’s debt to the Western Institutions,” he said.
Meanwhile, Dr M’membe has bemoaned the increase in poverty levels in the country.
He said there is need to deal with the high unemployment levels and improve the livelihood of the people.
“When you have 80% poverty levels, you know that food is the problem, we have high levels of unemployment, we need to deal with that. Even if u provided free education to a child who does not have food, that child will not be able to learn,” he said.