Opposition warn of debt crisis

Opposition political parties have warned that Zambia will find itself in the same situation Greece is in view of the continued borrowing by the PF Government.

The Forum for Democracy and Development (FDD) says Zambians should be worried that Government has issued a 10-year $1.25 billion Eurobond.

FDD Spokesperson Antonio Mwanza has told QFM News that the PF should be ashamed that in their first term of office they have issued three Eurobonds yet there is no hope of the people’s lives improving.

Mr. Mwanza states that what is heartbreaking for most Zambians is the fact that the PF government cannot account for these funds and the people do not know how money from the Eurobonds are utilized.

He says there is a possibility that Zambia will face a similar debt crisis Greece is facing because of poor economic management.

And UPND Deputy Spokesperson Edwin Lifwekelo says the country is in a mess and only economic minded leaders can save the nation from collapsing economically.

And Green Party President Peter Sinkamba says he is extremely worried considering that the country’s economy is not doing well yet the PF government has continued to borrow.

Zambia last week successfully issued a US$1.25 billion Eurobond for infrastructure development with a coupon rate of 8.97 per cent with an eleven-year average life, with repayments due in 2025, 2026 and 2027.