EFZ Executive Pukuta Mwanza told QFM News in an interview that the EFZ is concerned that government does not want to listen to the advice from the people of Zambia with regards borrowing.
Reverend Mwanza said the fact that the borrowing limit was increased does not mean that government should borrow any time it feels like.
He said government has frequently been advised by the people of Zambia and the relevant stakeholders to borrow only for urgent needs and not anyhow.
the people who are borrowing now will not even be there when it is time to pay back the loans
Rev Mwanza pointed out that the borrowing of US$1.25 billion Eurobond shows that government does not listen to its people and is doing things just as it wishes despite the people cautioning government on certain decisions.
He noted that much as the people of Zambia are in need of infrastructure development, borrowing is not the solution, but that some of the infrastructure projects can be funded using internal revenue.
He said what needs to be done is to strengthen the country’s internal revenue mechanisms, stating that the country cannot be surviving on borrowing.
Reverend Mwanza further said that what is even more worrying is that the people who are borrowing now will not even be there when it is time to pay back the loans, therefore being unfair to the young people who will have to pay back.