KALABA PUNCHES HOLES IN DEBT RESTRUCTURING DEAL
Written by Mafken FM Newsroom on 12 July 2023
The Opposition Citizens First -CF-Party says the glorified debt restructuring deal is simply a formalized refusal to pay back debt and is not different from the previous regime’s failure to repay debt.
Speaking when he featured on a radio program in Lusaka, monitored by Mafken FM Radio CF President Harry Kalaba says Zambia has the capacity to repay its debt without the debt restructuring deal and the International Monetary Fund Program –IMF- program if the financial sector gaps are sealed.
He says government should first seal the gaps in the mining sector by coming up with policies that will ensure the money from the mines stays in the country as opposed to the current status quo were all the money from the mines is taken outside the country.
Mr. Kalaba says it is unfortunate that government chose to side with the mines by giving them tax holidays for five years at the expense of the Zambian people who are languishing in poverty.
The Opposition Leader further adds that, Zambia does not need the IMF for economic recovery because the fund has never bailed any African country out of poverty as the funds they give are loans that are supposed to be paid back.
Meanwhile, An economist, Rita Mkandawire has attributed the continued instability of the exchange rate of the Kwacha despite the successful debt restructuring deal, to the low subscription of government bonds and securities.
Ms. Mkandawire tells Mafken FM radio that, despite the successful debt restructuring deal, there are still negative sentiments coming from political players which are eroding investor confidence to invest in such.
She says the arrest of opposition political leaders is one of the negative impacts contributing as most investors are losing confidence in the Country.
By Kalonje Mumba
