Mwanakatwe lacks skills to get Zambia out of debt crisis – Simumba
By Staff Reporter
Economic and trade expert, Trevor Simumba has charged that Finance Minister, Margaret Mwanakatwe lacks the necessary skills to get Zambia out of the current debt crisis.
Simumba was reacting to the latest Economic brief released by the Ministry of Finance on Monday suggesting the economy was expected to be resilient this year.
He said Mwanakatwe needs help in managing the country’s economy. “The Economic brief makes for a sad reading and is a clear sign that 2019 will be very difficult year economically. Instead of burying our heads in the sad, I have stated on countless times that we need a national indaba and address this issue of the debt squarely and transparently,” Simumba said.
He said the country needs tangible solutions for the economy and not mere workshops or seminars, in an aparent reference to the planned Economics Summit organised by the Economics Association of Zambia.
“We do not need academic talk shops where papers are presented, no. We need real solutions. The Minister does not have the skills nor the experience to get Zambia out of the mess, she needs help,” he observed.
“When we said Zambia’s debt was rising and that it was not sustainable, all sorts of names were hurled at me”.
Simumba said is was ironic that government admits that external debt had soared to $10.0 billion.
According to information released by government as at December 2018, external debt was USD 10.05 billion compared to 8.74 billion at the end of 2017.
Simumba noted that the rise was attributed to increased disbursements on already previously contracted loans for ongoing economic infrastructure programmes.
“Basically, previously contracted loans are Chinese inflated loans. There is still another $ 2 to $3 billion yet to be accounted for of these corruptly obtained Chinese infrastracture loans,” he warned.
Simumba charged that it was so sad to see this level of incompetence and downright unpatriotic leadership take this country down.
“Every senior public servant and technocrat should be ashamed of themselves for participating in the plunder and destruction of the Zambian economy,” he said.
Simumba said it was time to save the country from the kleptomaniacs before it crambled to its knees.