WHY AREN’T ZAMBIANS CELEBRATING THIS? WHILE OTHERS BORROWED, THIS GOVERNMENT IS BUYING ZAMBIA BACK
Imagine inheriting a house from your parents, but together with the house comes a huge debt that you must keep paying for the next 30 years. Then one day someone comes along and says, “We have found a way to remove a large part of that burden so that your children and grandchildren do not have to spend their lives paying for it.” Would you celebrate? That is exactly what Zambia has just achieved.
The UPND Alliance Government has successfully negotiated the buyback of more than US$1.3 billion of Eurobond debt. Pause for a moment and think about what that means. This debt was not borrowed yesterday. It was borrowed years ago by the same rebranded groups who are presenting themselves as “saviours”. It was our children and grandchildren who would ultimately carry that burden.
Today, Zambia has begun reducing that burden. This is not politics. This is patriotism. This is leadership that looks beyond the next election and begins thinking about the next generation.
Many people celebrate when a government borrows money. Few understand the greater achievement. The greater achievement is when a government starts reducing debt. The greater achievement is when a government starts freeing future generations from obligations they did not create. The greater achievement is when a country moves from discussing default to discussing debt reduction.
Some infrastructure was built from the borrowed funds, but Zambia also paid a heavy price for poor value, inflated costs, waste and debt accumulation that left the nation financially vulnerable. That is why every dollar of debt that is reduced today creates more room tomorrow for schools, hospitals, agriculture, energy, water infrastructure and jobs.
This is not a victory for a political party. This is a victory for Zambia. Years from now, when future generations ask what we did when the country stood at a financial crossroads, history will record that Zambia chose responsibility over recklessness.
Why aren’t more Zambians celebrating this?
Saviour Chishimba
President
United Progressive People (UPP)
UPND Alliance Partner