Zambia’s external debt has now soured to US$ 3.13 billion since the PF government came into power from slightly over US500 million that the MMD left, and this is only two years of the PF rule.
Apparently, Zambia contracted the biggest debt in history when the same old man Alexander Chikwanda was Finance Minister during the UNIP days of former dictator Kenneth Kaunda before most of the current generation was born.
And in this year’s budget speech, Chikwanda said Zambian government aims to borrow nearly $2 billion from domestic and foreign markets to fund its 2014 budget deficit as it tries to boost economic growth, Finance Minister Alexander Chikwanda said in a speech delivery on Friday.
But typical of Micheal Sata’s uncle Chikwanda, this external debt has only increased marginally by 1.8 percent to US$3.13 billion as at end of September 2013, from US$3.08 billion as at end of 2012, yet the PF came into power in 2011 when the debt was only about US $500 million.
Chikwanda is currently running a bankrupt government that is barely surviving on contracting more debts as even the more than US$ 2 billion reserves that were left by MMD have been consumed into projects where PF leaders are the biggest beneficiaries through corruption as revealed by vice-president Guy Scott and Justice Minister Wynter Kabimba recently.
It had to take painful measures through the IMF and World Bank sponsored Structural Adjustment Programmes (SAP) under the Frederick Chiluba years and later Levy Mwanawasa for the country to qualify to some debt relief, efforts which now means nothing as the country is again heading into yet another debt burden with the same man Chikwanda.
Late Cardinal Medardo Mazombwe also worked hard in campaign for debt cancellation for Zambia, the reason perhaps Mr. Sata and his colleagues hated him to a point of not giving him a national mourning when he died recently.
But Chikwanda and Michael Sata, now in their 70s and 80s of their ages totaling 150 years of wasted time on earth, this will not bother them at all as they will surely not be alive in a few years or even months from today to feel the pains of this debt burden due to their failing health.
Mr. Sata is currently heavily sedated on serious medication, thanks to tax-payers money while Chikwanda can hardly function without talking bottles of whisky every morning for him to work.