Former Transport and Communications Minister Geoffrey Lungwangwa says under the Patriotic Front regime, Zambia risks being plunged back into high indebtedness to other countries.
Professor Lungwangwa says the country’s external debt has increased from US$1.6 billion last year to US$2.5 billion.
That means within 12 months, the PF has borrowed almost a billion Dollars.
Just last week, Zambia borrowed US$41.7 from Japan under the pretext of constructing the Kazungula Bridge in Southern Province.
Yet, the PF government borrowed US$750 million under the so-called Eurobond just last month.
The PF says that $750 million is is already in the Bank of Zambia account and lying idle as they are not yet sure what to do with it.
It is not clear why the PF regime chose to go and borrow $41 million when they have $750 million lying idle in the account they control
Lungwangwa says the development is not good for the country’s growing economy and will have serious future consequences for Zambia.
Professor Lungwangwa has further added that there will be very few grants coming into Zambia following the country’s classification as a lower middle income country.
He says at the rate the government is handling national affairs, the external debt is likely to increase further.
Professor Lungwangwa was speaking in an interview with Qfm news.