Tuesday, June 25, 2024

M’membe Criticizes UPND’s Economic Policies and Raises Concerns about NAPSA’s Financial Stability

Share

Dr. Fred M’membe, the President of the Socialist Party, has issued a statement criticizing the economic policies of the United Party for National Development (UPND) and their leader, Mr. Hakainde Hichilema. In his statement, Dr. M’membe said, “It requires little intelligence – if a little is all one has – to realize that UPND’s neoliberal capitalist policies are taking us nowhere. The economic policies being pursued by the leadership of this government are pro transnational corporations, pro imperialist puppet regime will not take Zambians to the ‘promised land’.”

Dr. M’membe further explained that these policies will certainly not help the UPND leadership to deliver on the many promises they made to the masses of our people. He stated, “We are not at all being malicious or wishing them to fail. We are patriots who wish the best for our country and people with or without us.” He emphasized that Zambia needs “concrete, realistic and definitive solutions” and not the path of agony. He said, “We must choose a clear, intelligent, effective solution that strives for a just, fair and equitable Zambia and world.”

The President of the Socialist Party also warned that the cost of living will continue to rise, hardships for Zambian families will continue to increase and prices of necessities will continue to rise. He said, “Soon the effects of being on the broad road to hell will be fully felt!”

Meanwhile, Dr. M’membe also issued a statement on the financial stability of the National Pension Scheme Authority (NAPSA). He said, “For the better part of last year, Mr Hakainde Hichilema and his UPND government financed recurrent expenditure, including civil service salaries, by issuing treasury bills and government bonds.” He added that “There may be nothing wrong with this approach, desperate as it may be, especially in the absence of adequate domestic taxes. The challenge, however, is that nearly all this money has come from the National Pension Scheme Authority (NAPSA).”

Dr. M’membe also warned that NAPSA may soon find itself in a “fix” as it will soon face high demand to pay retiring pensioners, but there may not be enough money available because most of its funds are locked in treasury bills and government bonds. He said, “NAPSA, as a relatively new pension fund – it was established in 2000 – has not yet faced serious requests from pensioners because employees who moved to it are now just reaching retirement age. So from this year, NAPSA will start experiencing a high demand to pay retiring pensioners, and there could be insufficient money because most of its funds are locked in treasury bills and government bonds.”

Furthermore, Dr. M’membe claims that NAPSA’s investment decisions over the past 21 years have been imprudent, citing examples such as the Levy Mall in Lusaka and the Kalulushi housing project. He said, “Added to this, NAPSA’s investment decisions over the past 21 years have been imprudent, examples being Levy Mall in Lusaka with shops that have not been rented out for many months, Kalulushi housing project with properties sold below cost, land bought from Meanwood, and Mandevu housing project, among others.”

In conclusion, Dr. Fred M’membe, the President of the Socialist Party, has raised serious concerns about the economic policies of the United Party for National Development (UPND) and their leader, Mr. Hakainde Hichilema, as well as the financial stability of the National Pension Scheme Authority (NAPSA). He urged the government to take concrete and realistic
measures to ensure a just and equitable society for all Zambians, and to make sure that the country’s pension fund is protected and managed responsibly.

13 COMMENTS

    • Capitalism is about war so as to get what you are not entitled to. HH is leading a bunch of thieves in the UPND and we will soon realise that Mmembe is correct

      7
      7
    • All Nordic countries, Canada, Mauritius and many countries in middle East and Europe have socialist model of development. Private sector driven economy while scially supportive spending model for the government. It wors in healrh, education and social security for elderly.

      3
      1
  1. NAPSA has and will always have a lot of money………..

    The high mortality rate and low information flows and dissemination amongst the population ensures there will always be unclaimed millions in NAPSA acounts…

    3
    3
  2. My son has been playing some dirty rap music by chef something. He said it is best musiic. I have now locked him in his bedroom and forced him to listen to some real music until he learns. He is now forcefully listening to Paul ngozi, sakala brothers etc.

    2
    7
  3. NAPSA will pay out only a partial benefit to the owners of the money. The remainder of the workers’ benefits will remain with NAPSA to invest. It does not make sense for NAPSA to sustain itself at the expense of the workers. UPND is on firm ground on this policy. It is a progressive policy. Brother Mmembe’s argument is in my view anti-socialist.

    3
    5
  4. M’membe why didn’t you demand “concrete, realistic and definitive solutions” during the 10yrs when PF drove Zambia’s economy to the ICU?
    Upuzi mtupu cloaked in hypocrisy.

    4
    2
  5. ZAMBIA IS IN THE TOP FOUR MOST UNEQUAL NATIONS IN THE WORLD.
    JUST GOOGLE “GINNI INDEX”
    IT STARTED UNDER KAUNDA.
    WHY DO WE STILL HAVE EXPATRIATES SALARIES IN 2023?
    WHY?

    1
    1
  6. Iye ba M’membe,….. Whose interest should NAPSA serve? Is it its own interest or the workers’ interest? I think it is only prudent for you to keep quiet if you do not have anything to say. Only sadists who want to see people suffering reason like M’membe. Otherwise, I don’t believe M’membe is a sadist the way I’ve known him, and we pardon him for we know he’s just one of those trying to make themselves relevant. However, on this issue, UPND means very well for Zambians by allowing them to withdraw ONLY 20% of their savings at NAPSA in order to empower them and allow them to invest so that they do not retire into destitute upon retirement. Other countries have already done that especially at the peak of COVID. What’s wrong with that?

  7. If the UPND had the same economic policies as the Socialist Paty, you would not be in opposition. The policies you are criticising were in the UPND manifesto. 2.8 million people agreed. As for now, we await your manifesto in 2026.

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading