The PF government is taking the nation in the worst financial woes ever imagined.
This government has borrowed more than any other past successive government within a short period.
Even to the extent of borrowing and covertly keeping the debt until only brought to public knowledge by whistle blowers. The same debt that they expect to be paid by gullible taxpayers.
For such actions, even the named tragedy of K20 billion deficit is also questionable. It would not be surprising to learn of a different amount.
This government has been wrecklessly borrowing from inception and has nothing to show for a project set to regenerate revenue and self repay the loans and further offer growth to the national economy. Priorities are set on wrong projects which do not even offer immediet income generation, decent pensionable jobs to the locals, only benefitting the same foreign financial lenders.
It is lamentable to note that same government is even lobbing parliament to increase its ceiling on external borrowing from K35 billion to K60 billion without even a plan in place to repay the already incurred loans.
As NAREP on the Copper Belt, we strongly implore the parliamentarians, both PF and opposition to reject the request in the best interest of the country. Irresponsibility from this government is placing the country and its future generations in serious financial and economic woes which our children will not be proud having us as their forefathers.
For this cause, we implore parliamentarians to reject the request and demand for a detailed government plan on repaying already existing debt. Demand for accountability on expenditure of the same debt.
As NAREP, we ask this government to stop borrowing and consider investing the already borrowed loans in science and technology which will include establishing and revamping of manufacturing industries, textiles, food processing plants, recycling plants, etc. Then the Zambian economy will witness growth and generate money that will repay loans as well as add revenue in the government coffer through huge forex that will be generated by the said industries. Such will also create decent pensionable jobs for the Zambian locals, which in turn will increase the treasury’s revenue collection through Pay As You Earn (PAYE) and other associated taxes.
It is such industries that will finance road projects, stadiums construction, health sector, rural electrification projects, etc.
The planned construction of mealing plants national wide is a brilliant idea, however, still leaves a lot to be desired. Employment of 12 people pay plant is not good enough and demands for more to be considered.
This government unlike any other past one, must have uplifted the lives of Zambians. They borrow the most, they cut fuel subsidies and fertiliser subsidies yet they never give account of all this money.
We challenge parliament to demand for accountability on the cut subsidies. How much has been collected and what has it been used for before they even consider raising the borrowing ceiling.
It is also very regrettable to note that this government does not even show any signs of a plan to get the country out of the borrowing trend by wishing to even exhaust the internatiomal debt limit of 40% from the current 13%.
The Eurobond will soon be due for repayment, however, accountability on its expenditure leaves a lot to be desired. ZRL limited has failed to account for part of the Euro bond, yet the PF government wants to continue borrowing.
Borrowing by this government lucks merit and basic needs that must necessitate act.
For this cause, we once again ask parliament to think about the future of our children, the life of an expectant mother in rural areas and that of a tax payer and stop this government from further borrowing.
We ask the Finance minister, Mr. Alexander Chikwander to do an honourable thing, resign from his position as Finance and National planning minister for sinking the Zambian economy beyond imaginable depths.
Chipoka Mulenga,
NAREP Copper Belt Chairman,