Africa-Press – Zambia. Green Party leader Peter Sinkamba has advised the UPND government to avoid any more borrowing but focus dismantling the huge debt burden the country is facing.
Reacting to Finance Minister, Situmbeko Musokotwane that overall, the country now owes a total of $14.5bn to its creditors; Mr Sinkamba says such a debt record is not good for a staggering economy like Zambia.
A recent study by the US-Based China Africa research initiative suggested that the amount owed to china was nearly double what had been revealed by the previous government.
And Mr Sinkamba says since Zambia became the first sub-Saharan Africa to default on a debt repayment, borrowing more money will lead the country into a serious debt crisis that has the potential to escalate the cost of living unacceptably higher.
Further, Mr Sinkamba says as government is engaging with multilateral partners like IMF, it must not neglect the need to utilize domestically available avenues of raising the resources.
