UPND President Hakainde Hichilema has said that the International Monetary Fund (IMF) has confirmed what he has always said, that Zambia is one of the countries with the largest debt stock in Sub-Sahara Africa.
Mr. Hichilema said that when he raised alarm on excessive borrowing by the PF and the reckless manner in which they were using the borrowed resources, he was called all sorts names, before adding that Zambia’s debt has now reached unsustainable levels.
The UPND Leader said that he did not only advise against borrowing from expensive sources, but he also offered alternative financing solutions which included, prudence and investing in productive sectors.
Mr. Hichilema said that it was a tragedy and a time bomb for the country and that what the PF has done is to consign future generations to perpetual debt and poverty.
Mr. Hichilema further added that that all the money that will be used to pay back this debt could have been deployed to education, health and agriculture.
Meanwhile, the Civil Society for Poverty Reduction (CSPR) has said that it was concerned that the government has not been able to present to Parliament key reforms aimed at strengthening the public finance management system.
CSPR Executive Director Patrick Nshindano told QTV News that while Parliament was expected to adjourn sine die this Friday, the Minister of Finance has not yet presented key reforms to the House which include the revision of the Public Finance Act, Public Procurement Act, and the Planning and Budgeting Bill.
Mr. Nshindano said that despite the assurance from the government that these key reforms will be tabled before parliament in this session, his organization is concerned that time seems to be running out.
Mr. Nshindano said that these reforms were important and that the government should attach importance to.
Mr Nshindano stated that the CSPR is further concerned that the government has not introduced the Loans and Guarantees Act to ensure that debt sustainability becomes a guiding principle before embarking on new infrastructure projects