We understand our colleagues in PF issued another US $2 billion Eurobond money that is being borrowed to reduce the budget deficit.
There is really no problem if the borrowed money is being utilised for the right reasons and with a clear plan for repayments.
But we have consistently argued that, like in a family, it is always important to live within one’s means than attempting to live beyond our capacity.
As things stand now, there is nothing tangible that shows our capacity to generate enough local revenues to systematically repay the loans at such interest rates.
Even worse, the productivity levels in the country has drastically gone down due to excessive power cuts and now fuel increases that have affected most businesses where we could be generating revenue.
And remember, we were told the first Eurobond was meant to rehabilitate the electricity power generation capacity so as to increase production in the country but a complete opposite has happened.
Today sectors that received the first borrowed resources such as Zambia Railways, are still a sorry sight without any meaningful business and revenues to talk about yet we have to pay back the loans.
This should be a serious concern for Zambians, particularly the majority youths who will have to bare the huge debt burden for many years to come.
Something should really be worrying us that under 4 years of PF in power, we have a foreign and local debt of more than the UNIP’s 27 years in power.
Yes we can build roads, but soon these roads will need repairs due to heavy cargo still passing through because Zambia Railways has not absorbed the capacity as it was initially intended when resources were being borrowed and channeled to this sector.
There is no doubt the main beneficiaries of these borrowed resources are the same people in the corridors of power that are getting contracts at inflated costs.
It’s time the youths of Zambia put a stop to this reckless borrowing now. It’s time you got NRCs and voters cards and get involved in the future of this country by putting a team that had the economic and business acumen to generate local resources and live within our means while creating decent jobs.
As youths, you will not even come anywhere near these lucrative contracts, save for pushing wheelbarrows, as majority will be given to foreign owned entities.
It was a painful experience we went through to have debt write offs under HIPC, whose efforts have now been rendered meaningless.
The choice is ours if that is the way we want to shape our future based on wrong perceptions and trivial talk and debates that does not lower the cost of living but merely divides the nation.