Sunday, June 23, 2024

Zambian Economy in Peril Under Current Administration, Says Patriotic Front Acting President

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In a press conference held on Thursday, December 29, 2022, Hon Given Lubinda, acting President of the Patriotic Front, declared that the economy of Zambia is in grave danger under the current administration of President Hakainde Hichilema.

Hon Lubinda criticized the President for his decision to make mineral royalty tax deductible, arguing that it has allowed much needed taxes from the mining sector to be transferred to foreign countries. He pointed out that, despite producing around 800,000 tonnes of copper, Zambians are unable to benefit from the current levels of production. Hon Lubinda questioned the value of producing 3 million tonnes of copper in the next decade if the country is unable to benefit from its current levels of production.

“Our mineral resources are a national endowment which should benefit Zambians now and in the future,” Hon Lubinda said. “If we can’t benefit from the current production of around 800,000 tonnes, of what use is it to produce 3 million tonnes? If Zambians are not to benefit from these mines here and now, we are better off closing them until such a time that more patriotic Zambians take charge of the running of the country.”

In addition to the issue of mineral royalty tax, Hon Lubinda also criticized President Hichilema for failing to achieve his campaign promise of restructuring debt to sustainable levels. He noted that official statistics show that Zambia’s external debt arrears grew by 42% from $2.6 billion in June 2022 to $3.8 billion by September of the same year.

“This is an extremely disappointing performance by a man who claimed to know how to fix the economy and a team that celebrated the IMF bailout package,” Hon Lubinda said. “We are aware of the fact that the World Bank released a loan of $740 million this year alone. Added to the $1.4 billion from the IMF entered into at the end of 2021, the total external borrowing in two years only has been a staggering $2.1 billion. The 2023 national budget has nearly $1 billion in external financing. At this rate, how much will these people have borrowed by the end of 2025?”

Furthermore, Hon Lubinda pointed out that, despite borrowing more than $2.1 billion from external sources and having a domestic debt of K79 billion, there have been no major infrastructure development projects initiated.

“What is more worrying is that, even after borrowing more than $2.1 billion from external sources and having domestic debt of K79 billion, there is not a single major infrastructure development project that has been initiated,” he said.

In conclusion, Hon Lubinda stated that the economy of Zambia is in peril under the current administration and that it may be necessary to consider closing the mines if citizens are unable to benefit from them. He called on more patriotic leaders to take charge of the country in order to address these issues and put the economy on a path to recovery.

20 COMMENTS

  1. Lubinda, you damage a thriving economy and now you want to accuse the next guy as having damaged it. Ba PF, what a manipulative gang

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  2. The economy was just good under UNIP and MMD, you can review the economic stats under these two parties. Those who came after claim to have improved the economy but acclaimed by themselves as leaders and not by the people they served

  3. These parrots have become boring…the problem is we don’t have serious opposition in Zambia….THE CURRENT GOVERNMENT IS USELESS….THE OPPOSITION IS USELESS

  4. This is one of the most historical and honest press briefings in Zambian history. If you are a genuine objective citizen who loves our country you will agree. If you are a tribal people worshipper then you won’t agree

  5. This is one of the most historical and honest press briefings in Zambian history. If you are a genuine objective cltizen who loves our country you will agree. If you are a trlbal people worshipper then you won’t agree

  6. Zambian economy was only good under UNIP and MMD. Check the economic stats. Of course what killed the economy under MMD is rushed and non strategic privatisation. PF of course stands out as the worst economic managers of the Zambian economy

  7. PF never stops to astound me. You found the exchange rate at K5/USD, inflation was around 8%, GDP growth of over 7%, over USD 3 billion in reserves and national debt at just about USD 2 billion. Then you proceed to squander the money, loot the treasury, recklessly borrow from China and the Capital Markets at high interest rates and completely destroy the economy. As of August 2021, the exchange rate was K24/USD, inflation at 24%, GDP growth at -2%, over USD 14bn in foreign debt and even more in domestic debt, and you have the nerve to condemn someone whom is trying to clean up the mess you caused?!! Such shameless people have no business of being anywhere near political power. HH might being going about it the wrong way but I am afraid PF have lost the right to criticize or even give…

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  8. HH might being going about it the wrong way but I am afraid PF have lost the right to criticize or even give advice. Let other parties talk, not you PF thieves, PLEASE!!

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  9. So the PF can’t find a suitable leader for them to turn to obsolete politicians like Given Lubinda? What a party!

  10. In all honesty PF should just sut up or just disband…we have Jokers as opposition….Fred Mmembe sound alittle nit reasonable sometimes but definitely not PF Bandits…… UPND and PF are just the same

    • No Grant. There are no plunderers in UPND so it cannot be the same with the defunct PF. Did you not play spot the difference at school?

  11. Hate him or love him. The reality is currently there is no political leader that is better than HH.
    Each and every day, in an effort to show their worthiness, the opposition is proving to be more and more st.upi,d.
    Fred is busy issuing editorials instead of building party structures….. He can’t even define what his socialist party stands for….instead he is giving us definition of what a socialism that we learned in civics, and yet on the other hand he is advocating for private sectors to be involved in reviving the economy, which is one of capitalism tools. So what does he stands for? I still think KBF will be the ONLY fordable opposition, at least he is out of the equation for uttering the nonsense we get from this other political fimo..fimo..

  12. UNIP ws the best so far, MMD is took over the best economy ad mess it up, PF ws the worse bt UPND is the worst, driven by one man economist, he knows it all ad is a ba nzungu worshipper.

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