HICHILEMA’S DEBT RESTRUCTURING A SCAM- PETER SINKAMBA
HICHILEMA’S DEBT RESTRUCTURING A SCAM, PETER SINKAMBA
He writes:-
Debt restructuring is a scam. There is nothing in real terms that will result from this other than intangibles like investor confidence and all sorts of jarfon. Thus why, no one is telling the Zambians how much Zambia has saved through the so-called hair cuts.
Mind you, Zambia has not been paying a cent or dime, towards eurobonds and other debts since 2020.
Yet, besides the “savings” the country’s financial and economic status has been deplorable.
Disposable income is in serious shortage while the cost of living is skyrocketing. No one is explaining in real terms how debt restructuring will reduce the cost of living.
The narrative that debt restructuring will help make Zambia’s debt situation more manageable is flawed. All it has done is to postpone responsibility from our generation to our grandchildren.
Which grandparent boasts of success by overburdening his grandchildren with debt?
When the country starts paying less monthly, quarterly or bi-annual payments towards the debts, that exponentially increases future generational indebted portfolio. Such inverse proportionality of our economic and financial architecture is mischief, not ingenuity.
Put simply, the restructuring has failed to reduce how much Zambia owes. And the so-called haircut has left dreadlocks instead
Legalize it. Industrialize. Grow the economy. End debt. End poverty.