Heavy borrowings have sunk Zambia- HH

Filed under: Breaking News,Business |
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The Bank of Zambia, today presented an economic review that painted a gloomy picture for the country.

The BoZ chief Dr. Denny Kalyalya said the country is on a bad economic trajectory characterised by liquidity crunch, low capacity utilisation, amid a falling domestic production.

However, UPND president Hakainde Hichilema says the country missed the plot when it failed to tame its appetite for borrowing and now it is suffering because of heavy debts.

He adds that, heavy borrowings makes citizens lose respect and dignity among other nationals.

“When you over borrow from someone without any repayment plan, you technically become beholden to them.

“The case of our people being disrespected by nationals of countries we owe is very sad. We will change this unfortunate narrative,” he says.

He adds that what has compounded the country’s woes is that the government does not listen to other people’s views and ideas.

“When Bally told them not to borrow recklessly, they called me bitter. I spoke from an informed position and in the interest of our nation.

“Today, they have admitted that they have sunk the country into a deep debt crisis. Worry not fellow citizens,” he adds.

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Start: 2019-07-01 End: 2019-07-31