ZAMBIA’S BOTCHED DEBT RESTRUCTURING SPOOKS IMF

Dear Editor, ALMOST shed tears of frustration and fear when the IMF recently described my country Zambia as a byword for botched debt restructuring.

IAccording to media reports IMF managing director Kristalina Geeogieva has consequently warned another African country Ghana not to let Eurobond holders twist its arm over its $13 million debt and become like Zambia.

It was reported that at a meeting with Ghanaian President Akufo-Addo during an official visit recently, she warned that Ghana may suffer severe setbacks similar to the case in Zambia, which has difficulties unlocking the full bailout package.

This is obviously bad news for Zambia especially in the eyes of other financial global players.

And to think this is coming after the recent disclosure by Bank of Zambia Governor Denny Kalyalya that our economy is overheating. We all know that if an engine of a vehicle over boils for a long time, it ceases. But I am sure this will not happen to Zambia if those responsible for looking after our economy do the needful by pulling up their stocks.

But I know even as a layman, that it is not easy to mend our economy if our exports receipts continue to dwindle. It is as simple as that. This will call for prudent management of all areas of economic activities, especially our mines, agriculture and tourism for exports purposes.

In mining, I think special attention should be given to our precious minerals, specifically emeralds and gold which foreigners are mining with impunity as Zambians look on. I am more than convinced that these two precious stones are definitely our economic game changer to boost the general wellbeing of our economy.

Apart from that, more attention should also be given to our tourism sector which has been in the woods for many years. It is not a secret that our South Luangwa National Park has an animal kingdom never to be found anywhere in the world.

If our Zambia Tourism Agency (ZTA) has ears and eyes, let it roll its sleeves and put Zambia on the international tourism map. It will not be easy but the success of our economy will depend on hard work with sound planning. It also hurts me to see Kenya and South Africa advertise our Victoria Falls and the two countries operate daily flights from Nairobi and Johannesburg to Livingstone year in year out. But whatever it takes, the mending of our economy should be our government's top priority or we sink to the bottom of Atlantic Ocean.

JAY BOND, Lusaka.

It is in the public domain that President Hichilema when he was in opposition and before the August 2021 general election, promised quite a number of things.

President Hichilema promised to lower the cost of living, with the price of mealie meal reducing to K50.00 for a 25kg bag of breakfast, improve the rule of law, reduce the price of fuel, end load shedding and stabilise the exchange rate of the kwacha against the United States dollar to a single digit.

As though this was not bad enough, President Hichilema was recently interviewed by Sky News about the drought being experienced in Zambia.

He told Sky News that this is the worst drought the country has experienced in 100 years. President Hichilema also told Sky News that Zambia had not received a single drop of rain in the past two months.

I wish to rebut the information which President Hichilema gave to Sky News regarding the drought situation. This is because he lied to Sky News.

The true position is that Zambia is 59 years old. “How could the head of State say that this is the worst drought the country has experienced in 100 years?” The worst drought was experienced in 1992.

President Hichilema also lied that the country had not received a single drop of rain in the past two months. The country received rains at some point during the stated period. The northern region of the country is currently receiving rainfall.

Against this background, President Hichilema can be criticised by people. That said, people should not be arrested let alone victimised for criticising the head of State when there is overwhelming evidence. Moreover, Zambia is a democratic country and President Hichilema is not immune to criticism.