{"id":54864,"date":"2023-12-29T20:29:10","date_gmt":"2023-12-29T20:29:10","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/?p=54864"},"modified":"2023-12-29T08:09:09","modified_gmt":"2023-12-29T08:09:09","slug":"response-to-nevers-mumbas-claims-that-the-patriotic-front-left-a-damaged-economy-amb-emmanuel-mwamba","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/response-to-nevers-mumbas-claims-that-the-patriotic-front-left-a-damaged-economy-amb-emmanuel-mwamba","title":{"rendered":"RESPONSE TO NEVERS MUMBA\u2019S CLAIMS THAT THE PATRIOTIC FRONT LEFT A DAMAGED ECONOMY- Amb. Emmanuel Mwamba"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>MMD President, Dr. Nevers Mumba has joined the UPND in claiming that the Patriotic Front left a damaged economy and are therefore responsible for the current economic crisis. Mumba also claimed that President Hakainde Hichilema may need more than ten years to repair and restore economic success.<\/p>\n

This lame excuse peddled by both the UPND and now Nevers Mumba is folly as it is not founded in truth or factual details of the economy. President Hakainde Hichilema and his New Dawn goverment have merely failed to run the economy because of their heavy reliance on foreign solutions and promoting multinational interests.<\/p>\n

To the contrary, the economy was so resilient that even with the twin challenges of both the debt burden and the historical shocks of COVID-19 pandemic, it rebounded to 4.5% growth in 2021 after recording a negative growth of 2.8% in 2020.<\/p>\n

<\/a>Let us now discuss how the Patriotic Front left the state of the economy in 2021.<\/p>\n

\u25cf High cost of living was far lower than it is today with the basic needs and nutritional basket costing K8,259 and now it stands at K9267.34.<\/p>\n

\u25cf Mealie-meal was K90-K120 but now it\u2019s trading at K320.<\/p>\n

<\/a>\u25cf Fuel was at K17 but is now it\u2019s at K30. Prices of cooking oil, sugar, and salt are all far higher than they were.<\/p>\n

\u25cf Electricity is extremely expensive and new connection prices have risen from K700 to K7,700.00 mininum.<\/p>\n

\u25cf Power stations such as Kafue Lower and Itezhi-itezhi with power generation capacity upgraded from 1,600 megawatts to 3,500 megawatts.<\/p>\n

\u25cf Airports, Kenneth Kaunda International Airport and Simon Mwansa Kapwepwe Airport.<\/p>\n

<\/a>\u25cf Roads, township roads, bridges and crossing points.<\/p>\n

\u25cf schools, colleges and universities.<\/p>\n

\u25cf health centres, 115 mini-hospitals, 65 district hospitals and upgraded clinics in Lusaka: Chipata, Kanyama, Chilenje and Chawama to First Level Hospitals.<\/p>\n

\u25cf established farm blocks in every province, increased FISP beneficiaries from 500,000 to 1.1 million farmers. Closely related to these investments, government built dams to encourage irrigation schemes.<\/p>\n

\u25cf1.5 million metric tonnes of maize in FRA national strategic reserves. ON THE DEBT<\/p>\n

\u25cf Government conducted the debt stress test and debt analysis jointly with the IMF\/World Bank and established a debt sustainability initiative(DSI).<\/p>\n

<\/a>\u25cf Following the debt sustainability analysis that established that Zambia\u2019s debt-carrying capacity had also weakened, the country embarked on debt restructuring programme. It appointed Lazard Ferres to handle the $3billion Euro Bond. Zambia began debt restructuring talks with the People\u2019s Republic of China.<\/p>\n

\u25cf Government halted or suspended infrastructure projects that were at 80% completion and below.<\/p>\n

Zambia also canceled US$1.6 billion in agreed upon but not-disbursed Chinese loans, mostly from China Exim Bank and the Industrial Commercial Bank of China. UPND FAILURE TO RESOLVE THE ECONOMIC CRISIS<\/p>\n

It is clear that the UPND has failed to resolve the economic crisis as their tools are foreign oriented such as the heavy reliance on IMF bail-out loans and foreig direct investment and promoting the interests of foreign multinationals.<\/p>\n

President Hichilema has also heavily depleted domestic revenue by giving generous tax and other incentives to foreign mining companies. This action alone has robbed the country millions of dollars in tax revenue.<\/p>\n

Further, the UPND government found KCM and Mopani Copper Mines under the ownership of Zambia under ZCCM-IH. Now, they have chosen to give away the ownership of the mines to dubious investors and bad deals.<\/p>\n

These mines produce both copper and cobalt, critical minerals which are the major drivers behind the global energy transition and revolution. Therefore, the decision by government has robbed the country great opportunities to derive maximum benefits from its natural resources.<\/p>\n

The UPND goverment has bungled economic sectors such as agriculture and mining which would have been to the revival of the country\u2019s economic fortunes.<\/p>\n

The UPND government has so far borrowed over six billion dollars but cannot show what it has done with the money. For example, in 2022 alone, as confirmed by ex World Bank President David Malpass, Zambia received 750 million dollars, the largest single disbursement to a poor country in a single year. Further, goverment has received a total of 561 million dollars from the 1.3 billion-dollar-IMF bail-out. There is no tangible project or program that can be seen where these colosal sums have been spent on.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. MMD President, Dr. Nevers Mumba has joined the UPND in claiming that the Patriotic Front left a damaged economy and are therefore responsible for the current economic crisis. Mumba also claimed that President Hakainde Hichilema may need more than ten years to repair and restore economic success. This lame excuse peddled by […]<\/p>\n","protected":false},"author":84,"featured_media":54862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,25,6,248],"tags":[234,235,233],"class_list":["post-54864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-featured","category-files","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nRESPONSE TO NEVERS MUMBA\u2019S CLAIMS THAT THE PATRIOTIC FRONT LEFT A DAMAGED ECONOMY- Amb. 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