By: Anthony Bwalya
Since 2012, the UPND and President Hakainde Hichilema had been relentless in cautioning the PF regime and Mr. Edgar Lungu against the rampant accumulation of public debt.
Zambians may wish to be reminded, that over $20bn of all debt acquired by the PF after 2016 is illegal and unconstitutional. This debt was contracted outside the stipulations of Articles 63,114 and 207 of the Republican Constitution.
And of the entire $27bn now known to have been borrowed, the PF have stolen $17.01bn or 63% of this money.
In the recently released International Debt Statistics report, the World Bank discloses and confirms Zambia’s actual External Debt as $27bn as at 2019.
Combined with local debt and arrears, this would total $33bn.
Shockingly, Zambia’s debt trap and debt related ratios are now significantly worse than neighbouring Zimbabwe, a bad indicator for what lies ahead for the Zambian Economy.
Based on the current debt position, even assuming a 5% growth rate, no further borrowing, and setting aside 20% of domestic revenues aside each year, it would take Zambia almost 50 YEARS to settle all this debt.
Zambians must rise up and stand up and take back the country our from the jaws of peril and destruction.