Lusaka ~ Mon, 13 June 2022
By Brightwell Chabusha
President Hakainde Hichilema must consider setting up a very High Level Economic Management Team to look at home grown solutions while turning to Zambians for local economic development (LED), Jackson Silavwe has urged.
Leader of the opposition Golden Party of Zambia (GPZ) called on government to put a 10-year moratorium on external borrowing in favour of home grown solutions.
Mr Silavwe said it is a well-known fact that Zambia is again heavily indebted both externally and internally. He said with the reaching of the completion point under the HIPC Initiative during President Levy Mwanawasa’s Government, Zambia debt reduced drastically.
The opposition leader said this in a statement issued to the media today.
“The Zambian people in particular the workers during HIPC made tremendous sacrifices that saw the Country’s debt return to minimal levels. Unfortunately, the PF regime borrowed heavily and brought us back to this very heavy load debt,” he said.
“The benefits of low indebtedness during President Mwanawasa’s regime were evident to all; Low exchange rate of the kwacha against major foreign convertibles, high foreign reserves, affordable cost of living and doing business, reduced foreign support to the National budget, increased medical supplies to hospitals and other essentials countrywide etc.”
Mr Silavwe said it will be extremely unwise for President Hichilema to continue borrowing money from the IMF/World Bank or other international lenders adding that there is need for a breather in as far as debt management is concerned.
“As GPZ, we call on President Hichilema and his New Dawn Administration to put a 10-year moratorium on external borrowing in favour of home grown solutions that can initiate a New Economic Order (NEO). Zambia needs a new economic order led by Zambians. The current economic model has failed to work for our people,” he said.
“The President must consider setting up a very High Level Economic Management Team to look at home grown solutions while turning to Zambians for local economic development (LED). Looking at the resource endowment of our Country both human and mineral, it is possible to have a debt free or zero debt Zambia.”