Cost of living reaches K10,000 as fears grow over Hichilema’s re-election
The cost of living in Lusaka has increased to K10,603.40 for a
family of five for a month in Lusaka compared to K9,278.06 for
a month of February 2024 representing a 2.9 percent.
After reaching an agreement to restructure the Euroboad with
Creditholders early this week, President Hakainde Hichilema
said the economic recovery his administration embarked on is
now back on track.
President Hichilema thanked the Zambian people for being
patient and believing in the United Party for National
Development (UPND) Administration.
However, the opposition has challenged President Hichilema to
explain how the debt restructuring will reduce the cost of
living.
Leader of the opposition Patriots for Economic Progress (PeP)
Sean Tembo challenged President Hichilema to explain to the
nation, how an economy that has failed to grow when the country
was not making any debt repayments in the past 2 and half
years, will suddenly start growing.
“Can the President explain to the nation, how an economy that
has failed to grow when we were not making any debt repayments
in the past 2 and half years, will suddenly start growing now
that we are going to resume making debt repayments?” Tembo
wondered.
And Socialist Party President Dr Fred M’membe says it’s not
wise for President Hichilema to raise people’s hope with this
debt restructuring.
“It’s not wise to raise our people’s hopes very high over this
debt restructuring deal. Yes, it gives us a sigh of relief. But
this guarantees us nothing. Our economic recovery is not simply
about debt restructuring. More than debt restructuring needs to
be done to give our people a better life. We had complete debt
write-off under HIPC, what and how much economic prosperity did
that bring us?” Dr M’membe wrote.
Meanwhile, Green Party President Peter Sikamba say debt
restructuring is a scam.
Sikamba says there is nothing in real terms that will result
from this other than intangibles like investor confidence and
all sorts of Jargon.
Commenting on the debt restructuring and celebrations by
Hichilema and his party, a local investigative online
publication said the problem with President Hichilema is that
he easily gets excited even when things are not yet done.
The JCTR in their monthly review revealed that the cost of
living has continue to go up with a family of five in Lusaka
having to at least live with K10, 000 in March. This is far
beyond the majority monthly earnings in Zambia.
The cost of living has continue to skyrocket even under
Hichilema’s reign despite his campaign promise that he would
fix the economy to lower the cost of living.
Almost three years on the driving seat of the Economist trained
Business Negotiator, the situation is getting worse. The cost
of a 25kg of mealie meal, the country’s staple food is twice
higher than before Hichilema ascended to the presidency of
Zambia.
President Hichilema however defends his administration saying
he has delivered 70% of his campaign promises citing free
education.
“The Zambian people will mark Hakainde Hichilema’s exam paper
in 2026 not now,” his Minister of Mines responded to growing
calls that Hichilema had failed.
Zambia goes to the polls in August 2026 when Hichilema’s first
term mandate ends.
There are fears even amongst his Supporters that he will have
difficulties to secure his second term.
“This is one term government,” the opposition says of
Hichilema’s administration.
Zambian Eye,