UPND Calls To Be Included In Debt Discussions

UPND spokesperson Charles Kakoma has called on the PF government to include his party in discussions about debt restructuring, in the same way as the government consulted NDC president Chishimba Kambwilili about Mopani Copper Mines.

Speaking in an interview, Mr Kakoma lamented that the PF had in the past ignored UPND leader Hakainde Hichilema’s offer to advise the government on debt restructuring. 

“Recently, if you recall, president Hakainde Hichilema was available to offer them free consultancy over debt restructuring; we have a huge foreign debt and they don’t know what to do. HH said he was available to help them. They have ignored it; they have not even contacted him,” he said.

Mr Kakoma explained that the UPND was making a genuine offer of advice and that the party was concerned with the number of ordinary Zambians who are suffering as a result of the country’s enormous deficit. 

“We want this country to have breathing space, economically, the debt should not continue to choke us,” he said. 

The spokesperson added that failing to consult the UPND would not only hurt Zambia’s economy, but also the PF’s chances of being re-elected if they appear too scared to reach out for help. 

The statement follows news on Thursday that the government has enlisted the help of French advisory firm Lazard Freres to help manage its debt portfolio, for a fee of US$5 million.

Zambia’s external debt stock currently stands at US$11.2 billion, having increased almost 6-fold from 2011. Last week, the International Monetary Fund admitted that it would not consider granting Zambia emergency credit to tackle the coronavirus pandemic until its debt level became more sustainable.