Eu­robonds man­age­able

Daily Nation Newspaper - - HOME NEWS - By NA­TION RE­PORTER

GOV­ERN­MENT’S debt man­age­ment plan can ren­der the Eurobond less hos­tile or non-ex­is­tent if prop­erly im­ple­mented, says former UPND vice pres­i­dent for pol­i­tics Cani­sius Banda. Dr Banda said that there was no need for worry as Zam­bia still had the po­ten­tial to re­sus­ci­tate from its cur­rent debt po­si­tion. He was re­act­ing to re­ports that the Eu­robonds were get­ting de­val­ued with the de­pre­ci­a­tion of the Kwacha. Dr Banda said that other coun­tries had been highly in­debted than Zam­bia but were able to pull through. “The Ital­ians have been in­debted, and have lived be­yond their ca­pac­ity to pay back debt for nearly 30 years, but dur­ing this time their coun­try was never re­ferred to as a bas­ket case or said to be fac­ing colo­nial­ism. As a mat­ter of fact, it is dur­ing this pe­riod of un­sus­tain­able debt that they suc­cess­fully hosted and won the FIFA World Cup and in some parts of their coun­try that the life ex­pectancy even im­proved, “Worth not­ing is that, since 1988, Italy has recorded a gov­ern­ment debt equiv­a­lent to over 90 per cent of the coun­try’s gross do­mes­tic prod­uct (GDP),” he said. Dr Banda re­it­er­ated that Zam­bia’s cred­it­wor­thi­ness was far bet­ter than that of Italy but won­dered why that fact was not news­wor­thy.

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