Let’s brace ourselves for hard times ahead due to PF economic incompetence

Filed under: Breaking News,Politics |
1,898 Views

The UPND says Zambians must brace themselves for harsher economic times in light of the latest austerity measures announced by the PF government.

Minister of Finance Margaret Mwanakatwe at a press briefing recently said government had halted new borrowing plans, banned the issuance of letters of credit and guarantees to state owned enterprises, terminated financing of development projects that are below 80 percent completion and cut down on ministerial travels in a bid to arrest the debt crisis.

The country’s debt stock officially stands at US$9.3 billion, or roughly a third of gross domestic product, at the end of March, up from $8.7 billion at the end of 2017.

In a statement, UPND chairperson for mines Percy Chanda regretted that the PF had ignored his party’s advice against borrowing recklessly.

“Let’s brace ourselves for hard times ahead due to PF economic when we warned about the PF leadership and its appetite to borrow money from expensive sources way back in 2011, we were labeled all sorts of derogatory and demeaning names,” stated Chanda.

“Our colleagues insisted that they were in a hurry to develop the country using borrowed money while we proposed a more streamlined approach which insured that we spent resources according to what were able to generate as country.”

Chanda lamented that the bulk of the borrowed resources only benefited a few individuals through corruption.

“What is even worse, is that we now know that most of the borrowed resources especially Eurobonds that were applied in areas such as Zambia Railways, ZESCO, roads and other sectors were basically a conduit for corruption which benefited a minority within the PF leadership.

“Now on Thursday, the Finance Minister Margaret Mwanakatwe announced further austerity measures almost along the lines of what we proposed years back. But when she was announcing austerity measures such as travel bans, Edgar Lungu was in the air going out of the country for some unannounced visit to Kenya at taxpayers’ expense,” Said Chanda.

He wondered why at a time the country is supposed to be cutting down on expenditure the PF was inducing costly by-elections by enticing UPND councillors to defect.

“Edgar Lungu was in Western Province last weekend where he publicly told the nation that there would be more by-elections, which are costly to the country, as more UPND councillors were being enticed to join the PF.

“In a democracy, one would have expected that they be encouraged to deliver to their people in their communities than enticing them to defect and create costly by-elections. This process has become synonymous with violence and intimidation against the innocent voting public, a trademark of PF’s elections,” he said.

Chanda warned Zambians to brace for hard times as there will be less disposable income for spending. He however regretted that the consequences of economic mismanagement will not be felt by the few individuals in government.

“With these announced austerity measures, we as ordinary citizens must brace ourselves for hard times ahead and it’s just the beginning. There would be tight liquidity in the economy resulting many people not having a disposable income for spending. This is just the beginning of the economic meltdown which we predicted and sounded a warning a long time ago.

“Unfortunately, the pinch of Edgar Lungu and his PF leadership economic mismanagement won’t be felt by the few people enjoying the stolen money within the PF government, it’s the common person in the streets and villages who will feel it more.

“It is now up to us Zambians to find a way to democratically liberate ourselves from this greed and corruption where we are paying the high price,” Chanda said.

 

Facebooktwitterredditpinterestlinkedinmail

One Response to Let’s brace ourselves for hard times ahead due to PF economic incompetence

  1. Total truth. Sad times in Zambia for sure.
    All this ‘development’ that PF has been screaming since Sata days – where is it? A few roads, most of which are already in need of repair. There is so little to show for this massive borrowing.

    Newbie
    June 17, 2018 at 8:18 pm
    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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