ZED sees no capacity of Zambia to repay acquired debt

Frederick Mutesa
Frederick Mutesa
Opposition Zambians for Empowerment and Development (ZED) says it does not see the corresponding capacity of the country’s economy to pay back the loans that government is acquiring.

ZED president Frederick Mutesa says his party’s observation is based on the how the Kwacha’s decline in strength has continued which is said to be at 17 percent decline.

Dr. Mutesa has told Qfm news in an interview that this means that the US Dollar has become scarce in the country.

He says this implies that unless the country’s export base is diversified and its volume of foreign exchange is increased, the future generation will be subjected to repaying back the debt that government is currently acquiring.

The ZED president says government should also keep it in mind that none repayment of the debt that it has been acquiring will be at the expense of essential development programs such as investments in the health and education sectors.

He says this is why his party has supported the proposal to have a loan contraction mechanism that includes other essential stakeholders in the scrutinization of every loan that government acquires to ensure that such loans are put to good use.