PF Govt lacks capacity to generate revenue locally – HH

United Party for National Development (UPND) President Hakainde Hichilema says reports that the PF government is considering issuing another US$1 billion international Eurobond specifically targeted at the agriculture sector goes to show that the current regime has no capacity to generate revenue from local resources.

Mr Hichilema in a statement issued to QFM News says the country seems to be moving towards a situation where every sector or government ministry will now be borrowing for its operations.

He says what is even more worrying is that the latest Eurobond also earmarked before this year, comes at a time when the other US$1 billion amount borrowed for this year has not even been exhausted.

Mr Hichilema adds that the government has to date not fully accounted for the first US$750 million they borrowed in 2013.

He claims there is evidence that the borrowed money did not fully benefit the nation.

He states that there is no assurance that the money the PF government intends to borrow for the agriculture sector will be used for the right purpose.

Mr Hichilema says the UPND believes that the agriculture, if well managed, is capable of generating its own resources for reinvestment in the sector.

He says it would even made more sense if the huge chunk of the first Eurobond was targeted at the agriculture sector, than some of the projects that have no potential whatsoever to contribute to the repayment of the loans.

QFM NEWS