HH says IMF vindicates him on Zambia’s debt crisis

rally at Mpezeni Park
rally at Mpezeni Park

UPND President Hakainde Hichilema says the International Monetary Fund (IMF) has confirmed what he has always said, that Zambia is one of the countries with the largest debt stock in Sub-Sahara Africa.

Mr. Hichilema says when he raised alarm on excessive borrowing by the PF and the reckless manner in which they were using the borrowed resources, he was called all sorts names.

He says Zambia’s debt has now reached unsustainable levels.

The UPND Leader says this was despite the fact that he did not only advise against borrowing from expensive sources, but he also offered alternative financing solutions which included, prudence and investing in productive sectors.

Mr. Hichilema says this is a tragedy and a time bomb for the country and that what the PF has done is to consign future generations to perpetual debt and poverty.

He states that all the money that will be used to pay back this debt could have been deployed to education, health and agriculture.