Zambians Should Gear Up for an Economic Crisis

Filed under: Breaking News,Business |
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The unilateral decision taken by the PF Government to increase the current debt ceiling which was increased in 2013 from K20 Billion to K35 Billion and now to K60 Billion is very saddening and not in the interest of the country and the general citizenry.

 

We are all aware of what is happening in Greece right now, the country didn’t reach where it is overnight, it all started with adverse decisions made in 1999, followed by lies told by the Government in 2000 that the country was on a right course and the economy was growing steadily. But surprisingly, an international ratings agency, Fitch downgraded the economy to BBB- in 2009, and now GREECE is being haunted by the ghost of its past unpopular decisions.

 

We are seeing similar happenings here in Zambia. Firstly, the government lies to us that the economy is doing well, months later, economic growth was degraded from Positive (A+) to stable (B+). What next? We should begin gearing up for a crisis such as never was since there was Zambia.

 

Economic crisis is at the verge, and we strongly fear for the future as a nation, especially the youths because it is them who are going to start repaying these loans in 2022.

 

How saddening it is that posterity are going to pay back the loans that did not benefit them nor the country because we hardly know where this money is spent, with facts showing from the Auditor General’s reports that these monies are mostly misappropriated or used wastefully, if not stolen.

 

Senzo Mkwananzi

Executive Director

Assegai Foundation for Civi

l Advocacy.

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5 Responses to Zambians Should Gear Up for an Economic Crisis

  1. Our Minister of Finance is using the same logic and arguments to justify his decisions which the Greek Finance Minister also used. We cannot solve all our problems by borrowing; neither can we address our entire infrastructure shortfall by borrowing.

    Zangata
    June 26, 2015 at 4:48 pm
    Reply

  2. It’s mostly the YOUTH who are in the forefront voting for PF.
    It is up them to vote out PF to bring sanity in the Nation.

    zuberi
    June 26, 2015 at 7:30 pm
    Reply

  3. Why do we have copper? Why do we have uranium? why do we have many minerals? Why did we become independent in 1964 yet we are so dependent on western world? Why do we cause bye elections which cost so much and later we start increasing the borrowing? The same MPs and Ministers that at one time belonged to opposition are the main traitors in the Parliament because they cant think beyond their bellies. Zambia is far from being declared as a christian nation when most people are suffering because of their long decision coupled with the wrong decision of the people they voted for, what a disaster in Zambia.

    yugoslavia the land of south slavis
    June 26, 2015 at 7:51 pm
    Reply

  4. Dear countrymen,it has been long since i was studying the matter.Finance minister he knows for sure that this money is not meant for these projects which he mentioned but the are preparing for 2016 election to buy votes form electorates those who can’t think of their country,thats why president was pround to say even whn u call election today he can win,because he has seen that money coming,which their going to share.please lets vote these pipo out before we see crisis.don’t say u were not told.pf is planing evil to this country you believe me whn this money comes,we can’t live on credit.please please

    Kabele
    June 27, 2015 at 3:20 pm
    Reply

  5. An individual like Dangote can borrow 8bn US and critics want to make me believe that raising the debt ceiling to that much for the entire Zambian economy is to much.What a heap of nonsense!What we should concentrate on doing is put pressure on government to be accountable.

    KC
    June 28, 2015 at 5:41 am
    Reply

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