Home Zambia News Zambia is in deep crisis due to reckless borrowing by the PF...

Zambia is in deep crisis due to reckless borrowing by the PF government

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PF government

The Socialist Party (SP) says the country is in deep crisis due to reckless borrowing by the government, which requires about 119 percent of the countries income to repay the debt in 2021.

Speaking on 5FM’s burning issue radio programme party, General Treasurer Dr Chris Mwikisa expressed concern that the country’s debt situation would compromise social sector service delivery.

“If you pay all your debt, how are you going to manage your social sector requirements? How are you going to meet your health requirements? You must buy the medicine, you must buy the equipment that you require, you must buy all that is required for hospitals if you are paying all your money, how are you going to meet your education requirements, it means that you are drying up, you are not able to meet your requirements,” said Dr Mwikisa.

Dr Mwikisa charged that the country is not utilizing the resources that it has borrowed effectively and prudently.

And Dr Mwikisa said the 2021 National Budget failed to address people’s expectations.

“If you look at the allocations of some of the key sectors, let’s take the social sectors, the allocations have declined over time, how are they going to resuscitate the economy,” he said.

He noted that once the Socialist Party forms government it would address the question of debt that had caused so much distress and anxiety in the country.

Dr Mwikisa said once in power, the SP would renegotiate the loan repayments and ensure that the working class were not further as they were already the most affected by the current government’s poor decisions and inconsistent policies.

He added that the country needed to reduce unnecessary costs such as international meetings where the country government diplomatic representation.
Dr Mwikisa outlined areas such as procurement of expensive automobiles for government officials as being wasteful.

He said the government needed to raise revenue from the mines by introducing policies that would bolster efficiency and productivity.

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Source: lusakatimes