This morning, Fumba Chama popularly known as Pilato made a clear statement on his Facebook page about why the Zambian citizens should worry about the debt crisis.
The artiste questions the Zambian Government why its borrowing large sums of money if it can’t make profit from it.
Here is the post by Pilato on his Facebook page.
Pilato’s Statement Below
THIS IS WHY YOU SHOULD WORRY
Debts are necessary especially for developing countries like Zambia. Even the most powerful nations have borrowed money from other countries and organisations, so why should the Zambian debt worry you?
Here is why;
The Zambian government has borrowed more than $3billion but have not created capacity to make profit from it. The Zambian government has not used the $3billion for economic investments. If that huge amount has not been enough for them, how much more do they need? How much money will be enough for the government of Zambia to stop borrowing?
They are now borrowing millions of dollars to renovate a conference centre, how are we going to repay such loans?
If Zambia today is the second largest copper producer in Africa, with a youthful and energetic population and abundance of other resources has failed to generate enough money to fund these projects, how are we going to pay back the loans in future when all the copper will be extracted and exported to other countries?
2012- $750 million
2014 – $1billion
2015- $1.25 billion
Chinese loans estimated to be at $3billion .
But still we are looking for more loans, how much do we need and for what?