I Would Have Fired Finance Minister Over Debt Default - HH

UPND president Hakainde Hichilema has said he never would have tolerated Zambia’s debt default and that if he had been president he would have fired the finance minister responsible.

Taking to Twitter on Wednesday, HH wrote: 

“I would have never tolerated a debt default. The Minister of Finance would have been fired and I would ensure my team is transparent and clear with our debt management programme. #time4change"

He added that Zambia’s default would negatively impact the country’s reputation on the world stage, as well as its ability to attract foreign investment. 

His comments come after Zambia officially entered into default last week after missing a payment on its $12bn of sovereign debts. 

Finance Minister Bwalya Ng’andu has maintained the government was right to miss the payment, stating that it would otherwise have undermined Zambia’s negotiating position. 

In a further Facebook post, Mr Hichilema has criticised this decision, saying that Zambia must make the $42.5 million payment in order to unlock more support from bondholders.

He has also called for the government to reengage the IMF and other creditors as well as becoming more transparent about how public finances are managed.