Friday, March 29, 2024

Zambia is headed for very serious economic challenges., our economy is shrinking at a frightening rate

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By Fred M’membe, President of the Socialist Party

As we have consistently been warning, our country’s economy has collapsed.

And one didn’t need to be an economic expert to foresee the consequences of the irrational path that was being pursued by our rulers – unbridled borrowing and irrational expenditure.

All the advice given to them – even by the World Bank, the International Monetary Fund and their other multilateral and bilateral partners – was ignored and arrogantly scoffed at.

Today they are like soaked chickens – humbled by the reality they can’t ignore or conceal and do not know how to resolve.

We are clearly headed for very serious economic challenges. Our economy is shrinking at a frightening rate.

Next year’s budget has been reduced by 47 percent. This means that the 2021 budget will only be K56,180 bn. The government’s wage bill was K25,601bn at the beginning of this year. And debt repayment was K33.726bn. This gives us a total of K59,327bn – which is K3,149bn more than our 2021 budget.

This means that without very serious downsizing, retrenchment, or massive international assistance, the government will only barely manage to service the debt and pay salaries in 2021 and nothing else.

What does this mean for the Zambian people, especially the poor? More suffering, more agony, more poverty, more despair!

Zambians have no sensible alternative but revolutionary change if they have to harbor any hope of a reversal of fortunes. And only a revolutionary party – the Socialist Party – with a revolutionary program can deliver the nation out of this hell.

28 COMMENTS

  1. Well written and to the point. Sir you mean well and you have good intentions for this country. Is there any way you can work toget her with Mr. HH and get rid of the PF….enough is enough…please find it in your heart if you love this beautiful country.

    Thank you.

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  2. Mmembe can be a useful witness to list the first 20 beneficiaries of Zambian privatization who deserves to be arrested in next 2 weeks.
    We saw a nice building of former Mansa Batteries which can house all 2000 Privatization beneficiaries. Edgar and HH can be housed at Mulungushi textiles.

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  3. If the national budget has been cut by 47% as Fred M’membe is alleging, then 2021 will be a nightmare. Those retiring now might as well forget about being paid their benefits soon. Our diplomats serving in foreign countries will feel the pinch. Remember the kwacha has depreciated and that means more and more of it to service the same amount in foreign currency loans and to pay the same salary of our diplomats.

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  4. PF’s Lewis Mosho robbed The Post Newspaper just few days ago, and he still have some stolen property. But wonder how Zambia leave him along to go after a man who didn’t disclose he was a director at Sun International 25 years ago.
    Zambia is fvcked up.

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  5. Mmembe was a political parasite hiding in the media while corruptly using his position to suck money from politicians and gain statutory obligation favors. An extremely evil CEO at that. Not fit to lead too.
    That said, the World Bank, the International Monetary Fund and their other multilateral and bilateral partners have not been a solution for Zambia. Not sincere, mere crooks. As a Socialist by now you should understand that the evil organizations you have called out are responsible for the mess Zambia is in through a chancer kleptoh².
    You seem to be paying a blind eye to the effects of SARS-CoV-2 to countries’ economies world over.
    You’re such a fake Mmembe. A con man; a flaud. You niggaz should have spent your youthful lives honorably. We could have been counting on you today.

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  6. Mr champagne socialist, for you own information, the whole global economy is headed for a recession. Get your head out of your gay backside and face reality

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  7. The economy is on ventilator and someone corrupt will be saying it is well.

    We knew years back that it will happen. I know a lazy terrorist funder will be blaming corona virus.

    PF must go!

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  8. @Kaizar Zulu…Go away you are finished pig with no sense of direction.
    Mr. Membe is right. I truly trust his judgment on this one…He has a rich background in journalism therefore he did his research unlike people like you…just talking rubbishy.
    Just wait and watch the end is near.
    You will remember me.

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  9. Dweny I am sure he has a rich background in tax avoidance too. Or are you blind to that because you are one of his gay partners. In fact dweny sounds like a gay name

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  10. The usual Mr Mmembe; always trying to distract the public from the issue at hand which is privatisation. Privatisation of strategic national assets in Zambia with the help of IMF was badly done; at least you can comment on that. IMF / WB have never helped any African country to industrialise, so please stop blowing hot air on how caring these organisations are. Agreed, IMF has financial assets in excess of 12 trillion dollars but records show that they have done very little to help African governments reduce poverty.

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  11. @kaizar: look I truly feel sorry for little pop drops like you. You are stuck where you are….you don’t know the feeling taking your loved one to the Hospital and the hospital can’t do anything because they don’t have the medicine…that’s why you are so comfortable with this garbage administration.
    I refuse to be on the same level as you call me what ever you want. speaking out of experience not fun….
    You are a finished pop drop.
    Go away with the PF

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  12. If an aircraft can only be flown by a trained person, why should a country be run by somebody who is clueless. Doesn’t understand any thing about economics or is ignorant about the current situation – covid-19 impact, spiraling exchange rate, closure of mines, uncontrollable debts, the MOOD OF THE NATION …
    You can rig an election but you can’t rig an economy, even if you filled a cathedral with printed money.
    We used to laugh at Zimbabwe, now watch this space.

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  13. Fred is the only principled politician in the current breed. @Ka Zulu, your ECL and co. Will fly out leaving your stolen money shop in Dubai an easy target to be closed for money layndering.
    Time is now to repent. Say sorry to Zambians and bring back stolen money. Your sentence will be reduced if you become a state witness in 2021

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  14. Fred is the only principled politician in the current breed. @Ka Zulu, your ECL and co. Will fly out leaving your stolen money shop in Dubai an easy target to be closed for money layndering.
    Time is now to repent. Say sorry to Zambians and bring back stolen money. Your sentence will be reduced if you become a state witness in 2021

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  15. What happened to the vuvuzelation we were subjected to between 2011 and 2015? ‘Michael this, Michael that…’
    It was ba Sata who started the borrowing trend. He promised a dual carriage way to Eastern Province, a university in every province, a Teaching hospital in avery province. He created numerous districts without any money. Sata, sir, your friend, started this. Edgar had no vision of his own. He just jumped on the queue. ‘Iyenda kuti boat iyi?’ ‘Ah, kaya mwe. Siniziba. Ine nikonkha aba.’

  16. Why do you have Castro portrait? You can’t sell your ideas without showing Castro. By the way 90% of Zambians don’t know him and the young ones don’t care he was not cyber sarvy!

  17. Zsic keep dreaming. To failure like you it is unimaginable that a fellow hard working man can own a shop in Dubai. To you it is only possible for a whlte man to do it. You will continue choking with jealousy as I am just getting started my friend

  18. Thank you Mavhuto. The video on Siliya, Nawakwi, Privatization and corruption on YouTube is spine-chilling. It reveals so much about how MMD is ruling via PF it’s surrogate. Please search and watch and see for yourself. We’re messed up and we should all take a stand.

  19. Bwana Lungu’s entire era has never had any economic indicators pointing up. Tis always been a long slow and steady slide downwards.

  20. The late Dr. Fidel Castro of Cuba, in a portrait behind Dr. Fred M’membe, left his country’s citizenry living lives in the 21st century that were characteristic of the fifteen century in spite of the country having made measurable and admirable strides in education and healthcare. In general, university professors and medical doctors, for example, do not own anything of value — no car, no house, no business or anything else to call their own!

  21. MMEMBE
    DREAMING AS USUAL
    ZAMBIANS ARE CAPITALISTS
    THEY SUFFERED ENOUGH UNDER KK
    SOCIALISM IS FOR LOSERS AND SUCKERS
    WHILE MMEMBE IS S DRINKING CHAMPAGNE AND DRIVING HUMVEES

  22. It is incomprehensible how one can live as capitalist but preach socialism to the poor. Avoid tax to get more wealth but still preach socialist principles not sure how he does this.

  23. Most of the PF guys will either die in jail or overseas living out the remainder of their lives as refugees. Time will tell, some like Siliya and Kainyokolola Zulu and Lungu must be hanged!

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