Q FM Africa's Modern Radio
Zambia’s external debt currently pegged at about US$10.05 billion as at December 2018 compared to US$ 8.74 billion at the end of 2017 is considered to be soaring abnormally high, a situation which is worrying various stakeholders.
The rise in debt is attributed to increased disbursements on previously contracted loans for on-going economic infrastructure programmes aimed at supporting economic diversification and structural transformation.
But Development Activist Charity Musamba says the current external debt is a problem and a threat to the country’s development.
Dr. Musamba says the country is financially poor and is not in a position to be borrowing at the rate it is borrowing.
She has told Q-News in an interview that Zambia cannot even generate adequate resources to enable it repay its future debts timely or even borrow less.
Dr. Musamba has therefore recommended the need for government to restructure its spending patterns in this country as well as stop wasting resources.
She is of the view that Zambia has enough resources but it is misappropriated by people that have been entrusted with authority to manage the finance resources of this country.
And dr. Musamba has also advised government to cut on politically motivated expenditures if the country is to save the little resources it needs to come out of the current economic difficulties it is experiencing.