WITHOUT DEBT RESTRUCTURING, ZNBC, ZESCO would have been grabbed – Nkandu
MINISTER of Youth, Sport and Art Elvis Nkandu Elvis Nkandu has revealed that if Government didn’t restructure the debt, ZNBC and Zesco would have been grabbed from the State by the creditors.
Nkandu stated that Zambia wouldn’t have managed to service the debt which required the country to be paying a total of US$750 million per year.
The Minister who is also the UPND deputy spokesperson added that now that the debt has been restructured, the country only pays US$75 million per year.
He said one of the conditions for the credit was that if the country failed to pay back the money it owed, ZNBC and Zesco, plus other assets would be grabbed from the State.
“If we didn’t restructure the debt, we were going to be paying US$750 million per year. Where were we going to get that kind of money? So after restructuring, we are only paying US$75 million per year. We couldn’t have managed to pay back and they could have taken Zesco and ZNBC because those were the conditions.”
“This ZNBC we are on right now wouldn’t have been ours today,” narrated Nkandu while appearing on ZNBC’s Radio 1 Mwashibukeni Programme.
He said debt restructuring was key in restoring the economy and that is why it was a priority for the UPND led administration.
“We have managed to restructure the debt and the money we have is used for medicine, free education and meal allowances. Free education came about after the debt restructuring because those were our priorities,” he explained.
He further stated that Zambians should be patient as the economy cannot change overnight assuring that government was still making efforts in reviving the country’s economic outlook.
“People are complaining of cost of living, mealie meal prices and fuel. But it can’t change over night. Mulungushi textiles will soon be opened, mines are coming back to life, our economy looks good and it’s now time for us to look at amending the constitution,” said Nkandu.
By Catherine Pule
Kalemba, April 21, 2025
Kkkkkk.
It’s PF who are cheating the people to that they earn political gain on something which PF caused itself. PF is a party for bandits,thieves liers and destroyers.
Well appreciated. This is what Government should be telling the people to know.
ZNBC and Zesco would have been grabbed from the State by the creditors.
Oh My! My! My! That would have been very good especially for ZNBC. That would have freed DeadNBC from Government control and finally we would have had Press freedom!