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Alba Iulia
Tuesday, June 2, 2020

Zambia’s fiscal position, what are the challenges and the way out?

Headlines Zambia’s fiscal position, what are the challenges and the way out?

UPND President Hakainde Hichilema
UPND President Hakainde Hichilema

By Hakainde Hichilema
By 2011, the economy was growing at an average of 6.5% per annum. The debt stood at 21% of GDP and debt service was 11% of GDP. The country’s budget deficit averaged 2.6% of GDP per annum. The exchange rate was stable and inflation was in single digits. Gross International reserves were at least four months of import cover. The average income per head was above US$1,600, which prompted the World Bank to reclassify Zambia a lower middle-income country. In other words, the economy was doing well in 2011. It was doing so well that the first PF Budget Speech delivered by then Minister of Finance, Hon. Alexander Chikwanda – on 11th November 2011 – acknowledged the economic achievements of the country under the stewardship of the MMD Government. He paid tribute to the MMD administrations for laying a strong foundation.
Then the PF came to power in 2011 and things quickly changed for the worse. They promised to build upon the firm foundation that they had inherited from the MMD Government, but they did the exact opposite. Five years down the line, the PF Government had reversed all the economic gains that the country had recorded in the previous years. And by 2017, debt stock had increased to a whopping 57% of GDP from a modest 21% of GDP in 2011. Debt service as a share of domestic revenues had increased to 29% in 2017. Economic growth declined from the 6.5% per annum on average during 2000-2011 to a meager to 3.5% per annum during 2015-2018. Exchange rate has soared from ZMW4.80 per US$1.00 in 2011 to ZMW13.10 per US$1.00 in May 2019, meaning that the Kwacha loss 173% of its value over the period. International reserves have drastically declined to about one month of import cover in 2019.
Around 2016/2017, the PF Government started to realise that they had created huge fiscal problems. Apart from the heavy debt repayment and civil servant salary demands, which were consuming about 29% and 45% of domestic revenues, respectively, a third fiscal challenge emerged; domestic debt arrears were accumulating rapidly. By 2017, domestic arrears stood at K12.7 billion from K1.1 billion recorded in 2011.
But the PF regime was clueless about how to deal with these huge fiscal challenges. They therefore brought in a political outsider, Felix Mutati of the MMD as “ a crisis” Finance Minister, recognising that economic management was simply a dream under PF. The then new Finance Minister consulted the Zambian people and developed the Economic Stabilization and Growth Programme, which he dubbed Zambia Plus. In our view, this was the first attempt by the PF Government to come up with a coordinated economic programme that has credibility in seeking to address the economic challenges of the country. However, strictly speaking, Zambia Plus was not a PF initiative.
The Zambia Plus programme recognized the three main challenges causing the fiscal imbalance in the economy: personal emoluments were consuming 45% of domestic revenues; debt servicing was taking up 29% of domestic revenues; and domestic arrears, which had escalated by 1,055% to K12.7 billion in 2017. Thus, Zambia Plus tried to arrest this situation by focusing on: (a) arrears dismantling to unlock economic activities (b) debt sustainability; and (c) structural reforms while implementing an effective social safety net. To achieve this, the fiscal focus was on restoring macroeconomic stability and establishing fiscal fitness for sustained inclusive growth and development.
Of course, the underlying fiscal adjustments were always going to be painful because of the depth of damage the PF Government had inflicted on the economy. Therefore, when it came to the implementation of Zambia Plus, the PF regime lost its nerve and removed the author of the programme because they knew he would have actually implemented it, cut off their illicit and corrupt lines of monetary gain in the process. The PF Government could not live with this so, instead of pursuing fiscal consolidation, they threw a good and credible economic plan out the window and continued with its irresponsible spending and borrowing spree. In 2018, the Government borrowed US $2.6 billion. In 2019, the projection in the budget is to borrow US $2.8 billion while domestic arrears increased further to K15.6 billion.
In June 2018, the Minister of Finance announced some half-hearted austerity measures to control expenditure. However, this was nothing but window dressing. President Lungu readily contradicted and completely undermined the measure to suspend undisbursed debt by pronouncing that debt from China would not be touched at all by the austerity measures. Confirming its complete departure from Zambia Plus, PF Government crafted a highly fiscal expansionary 2019 National Budget. Instead of undertaking the structural and legislative reforms prescribed in the Zambia Plus, they neglected to work on critical pieces of legislation such as the introduction of the Planning and Budget law, as well as amendments to the Loans and Guarantees (Authorisation) Act and the Public Procurement Act.
As a result of non-action and irrational contrary actions by the PF Government, the IMF projects that the public debt stock will account for 80.5% of GDP by the end of 2019. As a share of domestic revenues, debt repayments alone now account for 42% of GDP while Personnel Emoluments account for 45%. Together these two expenditure components account for 87% of domestic revenues. This leaves the Government with only 13% to cater for critical services like health, education, water and sanitation and other routine government activities. No doubt, PF has put the country in a very precarious situation.
As a concerned party, the UPND would like to advise the PF Government to consider the following as practical solutions for stopping the fiscal haemorrhage and addressing the economic malaise:
(a) Find the political will to genuinely listen to others and learn from them, particularly the intelligentsia, both within the Government and outside it. The arrogant, know-it-all attitude of the decision-makers in the PF Government is hurting the Zambian economy. Technically inept ministers in ministries like Housing and Infrastructure should not be the ones negotiating for loans from China. The PF should find the political will to stop this dysfunction.
(b) Go back to the Zambia Plus programme and implement it in earnest. At the same time, review the implementation of the plan with the view of developing a new medium-term fiscal framework, which represents a more ambitious fiscal consolidation effort.
(c) Re-commit to the austerity measures that the Minister of Finance announced in June 2018. The PF Government should now go beyond policy pronouncement to actual execution by giving us how each of the measures will be implemented, how much savings will be realised from each of the measures and how the implementation will be monitored. This should include shutting down some of the Government departments with non-essential operations to save money for the core Government operations.
(d) Seriously engage with the private sector to leverage their resources for economic growth. This will require important economic dialogue with the private sector. We propose an Economic Indaba with two main points of discussion, one to concentrate on fiscal policy and the other to deal with monetary policy. We propose two taskforces to be co-chaired by the Government and private sector, accordingly who will then be updating the nation on a regular basis.
(e) Engage with the IMF and China with more seriousness and honesty, based on a firm and inclusive national consultation through the above-proposed indabas. Engaging the IMF should not be only about securing a financial bailout package but also to signal Government’s commitment to good governance, transparency and fiscal prudence as the basis on which economic actors can begin to respond to the Government policy intentions.
(f) Re-engage Cooperating Partners, especially those that have traditionally supported social sectors – Education, Health, poverty alleviation (Social Cash transfer), Water and Sanitation, etc. – for help with resources and technical assistance to implement effective social programmes and a robust safety net, to lessen the impact of the stabilisation measures on the most vulnerable.
(g) Rationalise infrastructure expenditure by being more rigorous and consistent with independent project appraisals, feasibility studies, environmental impact assessment and so on. These should always be done prior to the approval of any public-funded infrastructure project, without exception.
(h) Halt any further borrowing and engage creditors for possible re-profiling of the current debt.
[Read 5,987 times, 1 reads today]


    • HH is cristal clear on economics. Can ECL and Freedom Sikazwe understand this let alone write.Thank you HH but the problem is with PF who do not even understand that their well is drying up fast.

    • Finally HH has come to his senses offering practical policy solutions instead of his usual political ranting. You see, policy attracts; politics on the other hand is a repellent.

      @Nostra … great job!!! It looks like your guy finally listened to you. Back to HH, add to your list of solutions a well constituted Presidential Advisory Board.

      We have smart people like Dambisa, Fundanga, McDonnell, etc. just to mention a few that ECL, Margaret and BoZ Governor should be meeting with privately on a monthly basis.

      The horizon is huge and it’s not too late for corrective measures to ensue. Great piece!!! For the first time in a long time, you have outdone yourself here.

      Keep it up … Epo mpelele,


    • @BR Mumba, thanks bro. HH got trust me, he will mature in no time. I have to admit that I am reason why Sinkamba is so silent, because I accused him of facing demons. He left economic % numbers and started discussing dead bodies and human organs.
      Sinkamba come back, HH got back to work.

    • @Nostra … Great job once more! Like I said HH outdid himself here and I am proud of him, just on this one.

      My money is still on ECL, keep working your man and let’s run this country the best way we know how, Bro!!!

      You’re the best … Epo mpelele,


    • Double h tries to dive into the HOWS AND WHEREFORES.
      Musankwa wachitita wake up, wachita kabotu. If all you have proposed is pragmatic, wadya nkuku mambala.
      Who advised the hell out’a your usual approach?
      Sounding a little bit patrotic but at the corner of your his mind referencing the private sector to the Mines.
      Looks like the mine owners, your businessmates are applying some pressure using familiar underhand methods. Be careful mwana, these mine owners are responsible for wars across the continent.

    • Cool so this double h is a follower of PF policy? He appreciates former PF Government minister of Finance one Felix Mutati. I wonder why ECL removed FM, FM – short for FINANCE MINISTER, FELIX MUTATI, the genius. So to the faint hearted, cool dowm.
      ZAMBIA PLUS – launched by then FM, Felix October 30 2016 when double h was still hurting from that year’s poll. It stiputed the following:

      The program is dubbed “Zambia Plus” as “all solutions will be determined by Zambians while external partners will form the plus as we engage them to assist in this Zambian process. This includes the IMF.” Zambia’s Finance Minister Felix Mutati explained at the launch. The program is based on 5 pillars: Strengthening tax policy and administration to improve revenue inflows and to shift public…

    • … expenditure back to affordable levels. Increasing budgetary allocation to social protection including addressing the plight of pensioners. Improving economic and fiscal governance through strengthening of regulations and laws to ensure transparency of spending decisions. Improving budget credibility through better planning, adherence to expenditure plans and improvement of the quality of Government’s spending. Improving the country’s economic stability through easing access to credit, lowering lending rates and reducing inflation. As part of the economic recovery program, the Government of Zambia will also: Prioritize the dismantling of arrears owed to contractors to help companies meet their obligations and sustain their operations. Put in place a clearly elaborated program to…

    • … turn Zambia into an agricultural hub. Facilitate the access to cheaper financing for local SMEs.
      So all double h abracadabra is contained in the Zambia Plus effort.

    • It is a good attempt by UPND to finally put together a plan for the Country. However, when one critically looks at the advice, I notice that the Government is already doing them. The advice is to increase the intensity, which runs into perspective.
      (a) Find the political will to genuinely listen to others and learn from them, particularly the intelligentsia – I SENIOR GOVERNMENT OFFICIALS HAVE REQUESTED THE INTELECT TO PROVIDE THEIR PERSPECTIVE
      (b) Go back to the Zambia Plus programme – ASPECTS ARE BEING IMPLEMENTED.
      (c) Re-commit to the austerity measures that the Minister of Finance announced in June 2018. This should include shutting down some of the Government departments with non-essential operations to save money for the core Government operations which part of Government is…


  1. Good and Timely advice to the Government from HH. Something has to be done now to restore the economy. HH massage sound genuine and from the guy who is genuinely concerned about the current state of affairs in the Country. We in it together.

  2. Wasting your energy! Do they have the will and know how to do the correct thing. It takes a lot of discipline and giving up short term gratification for long term benefits and the PF are not ready to do that. There approach is populist. It’s started with king cobra and Mr. Novision just escalated it. Curse was Zambia when the fossil Chikwanda became Minister of Finance in 2011.

    • It is our politicians that need to grow up. The current crop of political leaders are unfortunately cut from the same cloth. HH is merely politicking as he has persistently shown in the past. If he was truly sincere and had a heart for the people, there would be a record of him lauding the current leadership when Zambia plus was initially formulated. Why didn’t he? So young Digga, be a little more analytical. Be a skeptic and question your leaders; be it ECL, HH, Kambwili and even your uncle Muliokela. Do not be a cadre for anyone but hold whoever it is you follow accountable for their actions

  3. Sounds like very sound advice and devoid of vitriol. Hope they will heed your advice HH. This has been the best to come out of you and just hope the other side can also man up and accept that things are pretty rotten in the state of Zambia.

  4. There you have it you folks who have been saying government needs advice and not criticisms. However, where I come from we say kelezo ki mulyani, hainyefulwi! meaning advice is medication, despise it not. True indeed. Medication and advice have two things in common. 1) if you take them you might save yourself much trouble from an infection; 2) if you take too much of it, you might suffer an overdose and die!

  5. Here you will not see PF cadres commenting they would rather comment on the one he said he sell the presidential jet UPND Cadre ,Br Mwamba, it’s political,e.t.c where are you guys

    • That’s the problem with quacks. Why do you have to attack people who haven’t attacked you. Simply put, people have a choice on what to comment on.

    • Please refer to 1.2 above and by the way it’s B R Mumba, Sr. Also, I am the only UNIPist left standing. I am no PF Cadre, I am a Zambian patriot.

      Zambia Is Greater Than Any Single One Of Us ~ B R Mumba, Sr

      Original Content; No Copyrights Reserved

    • Hell no B R Mumba sr, you are not the only UNIPist remaining. There are a lot of us from the 60’s. But I treasure your objectivity as an accountant and economist.

  6. Patriotism is above anything and everything. Suggestions that can help the country are important regardless of where it’s coming from. Rancor and bitterness will not solve our problems. Those in government should come out and say how workable the suggestions are. The opposition must not hide solutions because as a government in waiting they will find those problems.

  7. On Points B, C & D, totally agree with you. On point F, sadly or hypocritically, you are at the forefront of covet and /or open dissuasion of the same. On the other points, PF Govt. are already doing that. Looks like you are listening to being told that ” don’t just criticise but offer solutions”.
    Good effort, but the devil is in the “how to ” detail. I give you C+

    • @Rhapsody … give the guy at least a B-!! He has outdone himself for the first time in a long time.

      Epo mpelele,


  8. No matter how slow one is in internalising issues, this article is as clear as spring water. Very well laid out in a mature patriotic write-out.

  9. What does this charlatan know about Zambian economics apart from Structural Adjustment Programme and privatization?
    First bring back the loot from Panama then you can offer advise Kaponya.

    • Between you and HH, you are the one who appears to be a charlatan.You fail to remove prejudice in order to be reasonable.

    • He benedited from SAP, are you the only Muntu in the all of Zambia without this knowledge?
      That’s why he won’t rule. Anadya kudara Mambala.
      The last thing we need is have him set our beloved land on fire as he watches the flames on his million dollar Samsung Curve sitting on his couch in an SA mansion.

  10. Timely advice, but of course do you think that drunk from Chawama and his cabinet can do anything sensible? They talk about austerity measures yet are re introducing Deputy Ministers to put stress on the drying coffers.

  11. Good attempt, Well-reasoned comments and better than others but perhaps What the author has failed to do is give a well analysed paper illustrating how the PRIMARY DEFICITS and INTEREST RATES shall be from say now MAY 2019 ministers fiscal Plans baseline projects THAT is what is decision relevant and not 2011 because the 2011 Global and Zambia economic outlook, the nominal and real GDP and the Investments decisions where not the same
    Reading the the ministers fiscal Plans on how she is trying to navigate and grow the revenues and control costs (Gov expenditures),one can see that the PRIMARY DEFICITS are projected to DECREASE as % of GDP with rising REVENUES FROM ZRA…

  12. ZRA new TAX DESIGN and also with projected diminishing or decreasing discretionary spending looking at the Fiscal Intent and comments of the minister at her recent brief at intercontinental this may
    Thus said however the deficits are still a source of concern and with measures and fiscal plans current at play ,one could see them reduce marginally except for INTEREST COSTS
    The author should also understand that all indicators in global and regional markets have been down and performed negatively and the economies and currencies reflect that and that is why the kwacha is down like that also but you expect it to perform well in this second quarter to find its MEAN VALUE which the author…

  13. Now you are talking,dont waste time on PIPO ARE SUFFERING,BANIBELA MA VOTE,BOYCOTS.Offer solutions like you have done.Only hope its not too late wish you well.

  14. the author should have given for people to really understand the performance of our currency and its economics
    The Good thing is that the Deficits as a component of GDP will still be remain relatively stable over the periods 2019 to 2024 given the nature of Zambia and Zambian economic managers who would not leave it to chance without implementing some AUTOMATC stabilisers ad others to control the economic performances and ultimately manage CYCLICAL MOVEMENTS IN GDP and still maintain EMPLOYEMENT numbers for many Zambia s

  15. Excellent Advice!

    Problem is Lungu and PF do not have mental capacity to digest such. All they know is corruption.

  16. Thanks HH,this is the leadership we want,solutions to problems,telling us where to start from! Like this you have started drawing the real line between between the leadership we need and the Pathetic Failures we want to discard!!Keep it up,tell us how it will be done and trust will shift to you,to lead the country from the quagmire we are in!!

  17. The problem is insufficient revenue for Public Programmes. That’s why it is now a heavy focus of GRZ. What he points out are consequences of that. It’s why this man never inspires coz he is always off the moot point of public interest. Always dealing sleighs for Presidential ambitions and self-enrichment.

    He shows his true colours of deceit by totally being silent about effective taxation to correct the glaring inadequacy of GRZ to collect a sufficient share of tax from Oligarchs like him that privatised our wealth to their hands, the Mining interests that back him up and the Financial Opportunists he courts who make money by destabilising emerging economies through Bloomberg and Not so Confidential snippets.

  18. The Article is well written and Articulated. The Role of Leader of the Opposition Leader is to prepare to form an Alternative Govt. However HH has gone out of his way to Advise a Ruining Govt on how to properly Macro-Manage the Zambian Economy. Unfortunately HH is preaching to the deaf. This ECL Govt has No Capacity and Political Will to implement the necessary Political and Economic Reforms to fix the Zambian Economy. They don’t even understand what HH is talking about. Besides implementing Reforms would stop their Corrupt Deals so they will not listen. The Economy will continue to free fall until People eventually vote them out of Power in spite of their Election Rigging skills. The writing is on the Wall.

    • I concur with HH argument in general.Two advice,though.1.Zambia’s most intractable and long-term development challenges have become structural.Zambia’s growth potential has already hit its maximum limit under the current centralized form of government and planning.It has become inefficient,ineffective and divisive to run the country from the center. Commit to an aggressive devolution policy.2.Public and quasi-public institutions(the current vehicles for delivering the public goods/services)are broken down.Capacity(human and institutional) is no longer there.Commit to a broad-based administration to include members from outside UPND and even outside parliament.Time for a meritocracy.Your sound fiscal and monetary policies will be seriously eroded if these two fundamentals are neglected…

  19. Now this is politics. Provide alternatives and not hiding behind cadres who just take pride in insults.

  20. Not so clever after all.

    The only contribution from double h in this article could be summarized in 4 words

    PF administer your own prescription

    Taking the letters PF for word.

  21. Our nation is at a cross roads where we must set aside our differences for the greater good. Mwanawasa reached out to Mazoka when he realized how bad an economic mess the nation was in..Mazoka reciprocated by giving Magande, a close friend and a member of the UPND his blessing to serve as Minister of Finance and thus to save the nation. We are in red! We must all do what we can to save our beautiful country..It starts with PF and particularly Edgar Lungu to show will and to reach out to others who can help. Kudos to HH for offering solutions..

    • @Mbizo You are referring to leaders who were not mentally imprisoned by corruption and had people`s genuine interests at heart (Mwanawasa, Magande and Mazoka) .The present PF leadership is anti-people and is corrupt to the core.It is a totally new creation in Zambia political history.Their only preoccupation now is how to survive 2021.Anything that does not contribute to this is useless to them. @Mbizo you do not ,like most Zambians, yet know the real character of the PF under ECL. It is curse for Zambia .Their mission is to milk Zambia until it bleeds to death unless Zambians cut off their foul tongues from the Zambian treasury`s udder. .

  22. Hh understands the subject better. Hes a Patel

    2021 am likely to vot for hh or I dont vote.

    PF-Lungu has destroyed the economy. Everything is standstill

    Am a non partisan political consultant

  23. as you can see from samples of pfools . no thinking they dont understand anything hh is telling them let alone the comparisons he is making from mmd to their waste times. a fool is fool no matter how much you try to simplify things nothing can be learnt. kilibe nivikupo chabe. when bowman, freedom davies, mumbis, stephen of this world just to mention a few, come across this, they will summon cadres and call for an arrest.

  24. FINALLY!!!! This is what we have been looking for, an opposition that can offer solutions than doing the usual zambian politics GREAT Job H. H. Keep this up and my vote might swing your way. One Zambia One Nation.

    • Your sound fiscal and monetary policies will be seriously eroded if these fundamentals are neglected.Advise for ECL:Copy all HH’s ideas and front them as your own
      Lets chat at:[email protected]


  26. sound advise, but to risky for PF to implement……they know any austerity will sink their popularity to rock bottom.

    Maybe after 2021, but still too risky for lungu and PF.

    my money is on Lungu and PF just trying to ride the storm with chipantepante while kicking the can down the road…..

  27. Finally HH has tried to put something on the table. On this score, well done. However, what HH has put across is the economic background from 2011, current situation position and proposed some stuff to stabilise the economy period and nothing else. Since he talks so highly of himself in this area, i now challenge him to spell out the economic growth points, which in my view is clearly missing.
    Further, i would like to remind HH that already he is exposing himself by suggesting that certain government departments thereby contradicting himself who says all indisciplined and fired civil servants will be reinstated assuming he formed government. Nevertheless its a good attempt to contribute to national matters.

    • Badala , HH is saying some thing PF don’t want to hear

      …….austerity measures.

      Ni manga matacko , osa Shula

  28. Speaking today on Radio ichengelo HH says AS SOON AS I’M SWORN IN AS REPUBLICAN PRESIDENT THE KWACHA WILL APPRECIATE BECAUSE THE INTERNATIONAL COMMUNITY WILL KNOW THAT THE RIGHT MAN IS IN CHARGE. Doesn’t that speak volumes especially that the mines are closing units and hundreds of people are losing jobs. To me he’s betrayed himself and his sponsors.

    • Naimwe , don’t you know markets react to changes in management ????

      You mean hh is so powerful to influence mining companies ??? He is the right man for the job then……

  29. B R Mumba, Sr you being an economist know deep down that these guys are running us down in every sense and way their is basically no future under the PF government so my question is your Tonga phobia going to keep you away from doing the right thing am Bemba too and have seen this unjustifiable phobia and hatred we have for Tongas just the other day I heard a 4year old girl telling her friend that “chimutima ububi kwati chimu Tonga “; I was so heart broken that this is what we are passing on to our kids and to be honest I understand where most Bembas are coming from I was once told by my father that Aba Tonga nimbwa when I introduced him to my Tonga girlfriend we are always talking about the Tonga tribalism what of the Bemba tribalism I fear one day you guys will really divide Zambia…

  30. B R Mumba, Sr you being an economist know deep down that these guys are running us down in every sense and way their is basically no future under the PF government so my question is your Tonga phobia going to keep you away from doing the right thing am Bemba too and have seen this unjustifiable phobia and hatred we have for Tongas just the other day I heard a 4year old girl telling her friend that “chimutima ububi kwati chimu Tonga “; I was so heart broken that this is what we are passing on to our kids and to be honest I understand where most Bembas are coming from I was once told by my father that Aba Tonga n!mbwa when I introduced him to my Tonga girlfriend we are always talking about the Tonga tribalism what of the Bemba tribalism I fear one day you guys will really divide Zambia…

  31. Continued……
    … .divide Zambia for real and that blood will be on your heads. You are always telling the opposition to be patriotic painting a to rossy picture when they talk about Zambia to the outside so that they don’t demolise investor confidence but what’s surprising is you are here busy insulting Tongas , Lozi everyday and what happens if one-day they decide they have had enough I wonder what kind of patriotism this is the one that may cause civil war this is what the bible says before you remove a Speck from your friends eye remove that log from yours let us be fair GBM said as long us he lives no Tonga or Lozi will be president the same can be said for Kambwili and the rest but government and the lot of us turned a blind eye I fear one day they will say enough is enough.

    • There we go again with the so called fake Bembas. Drifting away from a good debate to the usual tribal sympathy seeking votes based on a special tribe of the 73. A tribe whose time to rule is now. Sickening!

  32. So who wrote that article for Trib.al Hacks?
    Boring stuff, the chap cannot articulate anything or present anything attractively not even a good message.
    But we know trib.al dont we?


  33. Thats what a patriot needs to do. But l also take it with a pinch of salt and why do l say so? I know for sure the Dr. Greg Mills writes in that manner in his short articles. I see some of his writings in the article. Is it that he realises that after making you stand on the opposite side and opposing everything has made you irresponsible and irrelevant? Look at NDF had UPND being objectively attended the deputy minister clause wasn’t going to go through. But thanks for inking down your thoughts.

  34. There it is HH has given pf government advise. It is up to pf to take the advise if they won’t be arrogant.

  35. The only positive thing here is that for once HH has performed a checks and balances of ‘sorts’.

    But sorry the write up is mostly droll, stating the obvious and being inappropriately patronising as BoZ, IMF, Moody’s have already stated the obvious on austerity measures and IMF, could not have been more stern, as they have resolutely hammered PF, by refusing to release anymore developmental loans. Another thing HH needs to be advised on, is to use diplomatic and correct and fitting tone befitting Leader of largest Opposition. At points he is a very patronising and condescending to PF by failure to recognise ligitimate borrowing for necessary infrastructural development which was absolutely necessary after MMD cleared past economic woes.

    • HH needed to accept expenditure was necessary to warm up the economy, rather than make parody of the borrowing (which PF ARE guilty of). It’s agreed that PF had and continue to lose the plot on borrowing. This is the message HH should have been shouting at the time of Chikwanda. And MWANAKATWE needs to change her presentation to show she understands the concerns and she should be standing on the soapbox taking control of opinion. It’s time for serious PR from her department.
      I suspect the rampant desperate borrowing currently is is due to mismanagement of previous loans and IMF’s refusal to release further help has lead to a hole which they are trying to fill in desperation. PF, are like addicts running around just borrowing and borrowing…… But to PF’s credit they have made…

    • But to PF’s credit they have made austerity less painful and citizens should be grateful and loyal. HH and international noisemakers know that if PF is to start an austere clean up before 2021 it will demoralise voters.

      Time to pull rabbits out of hats MWANAKATWE., that’s if you had a good hidden hand to clear this mess up.

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