ZAMBIA’S DEBT HAS INCREASED BY ABOUT $2 BILLION IN UPND’S ONE YEAR IN POWER
While in opposition, the UPND leadership promised not to acquire further debt. But today, Zambia’s external debt has quickly increased by about $2 billion in just one year of the UPND leadership in government and the prices of essential commodities – fuel, electricity, bread, mealie meal, transport, etc – remain unbearably high for the majority of Zambians.
What we have not seen, as they promised, is increased job creation in the private sector. What we are not seeing is an economy that is driving a robust industrialisation agenda to increase manufacturing and job creation especially in the agriculture sector.
Borrowing money for consumption to run our economy is not a sustainable solution at all. Think about it really, for how long will we borrow? If we borrow $2 billion or more every year, how much debt will this country have by the time UPND leaves office? What Mr Hakainde Hichilema is saying in this clip is not what he promised Zambians. This is surely not the way to run a country.
President of the Socialist Party