The Zambia Forestry and Forest Industries Company (ZAFFICO) has refuted reports alleging that the Attorney General had suggested that the Industrial Development Corporation (IDC) illegally owns
Zambia will soon default on its debt repayments-HH
Opposition leader Hakainde Hichilema has predicted that Zambia will soon default on its debt repayments.
And Mr Hichilema has advised Finance Minister Ngandu Magande to resign “in order to save face.”
In a Facebook post, Mr Hichilema said he is very concerned about the state of the Zambian economy.
“ I am very concerned. Ordinarily I would say WE should be concerned. Bwalya Ng’andu is in trouble. He must just resign to save his face,” he charged.
He added, “The graphs show you how debt payments are going up (Figure 1) while PF Budget remains static in US$ terms (Figure 2). This country will default on debt very soon.”
“How then did Bwalya Ng’andu inherit such a poisoned chalice?” he asked.
“Here is how; from the US$750 million Eurobond, US$255 was given to ZESCO, for a project that takes 7 years to complete, and we still have load shedding. Another US$120 million to Zambia Railways, a sinking company and the Auditor General’s report said, this money could not be accounted for and it is making losses. Then a $20 million was handed to PF cadres through Development Bank of Zambia (DBZ) to buy buses. The rest, they claim, was put in roads and other public infrastructure, but we know contractors have not been paid.”
He said, “US$395 million down the drain and we expect Bwalya Ng’andu to have money in the economy.”
Mr Hichilema said the PF is a dead institution and that it is time they listened and called for an early election.
“They have failed.”