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Tuesday 06/02/2018

Wreckless borrowing
Dear Editor,
The observations by Pan African Federation of Accountants chief executive officer Vickson Ncube that the debt-ridden Zambian economy is lying flat on its back in slippery muddy water is apt and spot on.
As a country, Zambia is in a deep economic ditch which requires a lot of effort to come out of.
Our leaders, however, don’t seem to have no clue on how to proceed.
It is true, as Ncube rightly points out, that the PF embarked on wreckless borrowing as soon as they took over from the MMD and thus reversed all the efforts made by Mwanawasa to get this country out of debt. The PF has, in a short space of time borrowed very heavily.
If the PF has any economic advisors, then they are doing a very bad job. Borrowing for infrastructure projects is not sustainable.
There have been no efforts whatsoever to invest in ventures that generate money, which money can be used to fund infrastructure projects as should be the case. Instead they have plunged the country in a sea of debt which, they themselves know cannot be paid in their lifetime.
Getting out of the economic ditch will certainly not be easy but the PF have not demonstrated any political will to reverse the country’s diminished economic fortunes.

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