Current Economic Turmoil In Zambia Attributed To Failure By Government To Manage Public Debt

By Michael Kaluba

 

The Jesuit Centre for theological reflection -JCTR- has attributed the current economic turmoil in Zambia to the government’s alleged failure to manage the country’s debt and a lack of commitment to accountability and transparency in managing public resources.

JCTR social and economic affairs manager innocent Ndashe says the sustained kwacha depreciation, corruption and the increased cost of production have continued hindering Zambia from attracting foreign and local investment into the economy.

Mr. Ndashe has since challenged the

government to accept that the current economic turmoil is a result of the massive debt that Zambia has recently contracted and the subsequent failure to service the debt

He adds that government must also take substantive measures which may include a clear debt repayment plan arguing that the international monetary fund -IMF- and other international entities with the potential to bail Zambia out, may have been reluctant based on the government’s alleged failure to ensure accountability and transparency.

 

PHOENIX FM NEWS

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