By: Anthony Bwalya – UPND Member
A few days ago, I woke up to the bad news, that the yield on Zambia’s $750 million Euro Bond due in the year 2022, has exponentially spiked, from an initial 5.75% to a staggering 22.3%.
What this means is that currently, Zambians, will have to find an extra $200 million over and above the initial cost of this loan in order to free ourselves from the shackles of this modern day slave situation.
In fact, all signs and projections, are pointing to a further slippery slide in the yields in respect of the Eurobond as Zambia’s political and economic profile are both expected to take a turn for the worst as we head towards the election of our lifetime in 2021.
The foregoing analysis is and has been confirmed by the recently made public report into voting patterns, with most current intimations pointing to a heightened illegal and arbitrary abuse of institutional resources, power and authority by the Patriotic Front (PF); underpinned by systematic deterioration of the rule of law, as well as suppressing of the civic and democratic space to cast a veil on public accountability.
And with the PF already having signalled another pipeline $2.3bn Chinese loan, fronted as project money when all signs point to a very substantial portion of this debt money lined up to beef up to go towards their 2021 campaign financing, it is not hard to explain why both market and investor confidence is running dry; and consequently heightening the negative perception around our country’s ability to pay back the debt money we all.
By the time we get to 2021, and by the time clock strikes the year 2022, a Eurobond facility which should have cost us less than $50 million to acquire will easily be costing us close to $350 million above the initial cost.
But why should and must Zambians reward this blatant criminality by the PF? Why should future generations of citizens be punished just for being born Zambian? Why should our children give up opportunities for learning, health and employment just to be able to feed the PF’s appetite for criminality and an insentiable craze to consume beyond what our economy can give in this our lifetime? And why should our generation allow this careless government get away with ransacking the collective future prospects of a whole nation?
Today, we are witnessing a former Presidential Aide, Amos Chanda, being indicted on grand money laundering charges by the Anti Corruption Commission. Amos used to work from President Edgar Lungu’s own political bedroom. Whatever Amos used to do, the Presidency owed the nation a duty of care to ensure that Amos’ own appetite for quick money was as far away from the Presidency and the PRESIDENT while he served in a public position. Now we know, that Amos was sacrificed to “sanitize” the PRESIDENT and the Presidency because it was becoming too obvious that Amos was only a small part of a wider ring of institutional criminal behavior.
In fact, the arrest of Amos is part of a carefully put together process meant to “clean him up”, and by association, “absorb” the appointing authority. A conviction for Amos Chanda would by default be a conviction for PRESIDENT Edgar Lungu and the entire Presidency. They will not let that happen.
Yet, this one thing I know: that all ruling political parties, before they fall from grace, reach the very top of organizational ineptitude, and are arrogant about it. And this is PF today, unrepentant about the misery they have caused all of us. Despite the economic woes, the poverty, the joblessness, the unprecedented corruption, broken business environment, high cost of fuel, a currency buckling under pressure, high cost of living – please don’t mention mealie meal……the PF are still boasting that they are still popular and remain the party of choice for Zambians and that no matter what happens, the PF can do no wrong and that Zambians will still vote for them and keep them in power in 2021.
But if Zambians will go to sleep and hop into bed with the devil incarnet called Patriotic Front in 2021, and give the PF the lattitude to enjoy the last laugh, the joke of a lifetime will be on all of us and our children and theirs will be glad to piss on our graves for having betrayed them to a brutal, incompetent, selfserving regime.
And as for me and my family, we will not be voting for the PF in 2021.