Thu, 25 Oct 2012 12:34:24 +0000 We have never questioned the case for resource mobilization. We are appreciative and are fully cognizant of the resource dilemma that Zambia, like many other developing countries faces. This dilemma however does not constitute licence for gratuitous borrowing which will drive the country into another debt crisis. We have recently emerged from the Heavily Indebted Poor Country (HIPIC) programme, a not so salutary status from which we gained a moratorium of about US$7billion debt. Most of this debt emanated from the One Party commandist, socialist economic programmes which put consumption before production. That is why we questioned the purpose to which the US$750million Eurobond was to be put, in view of the fact that the funds were mobilized in the absence of a clearly defined appropriation programme. The very fact that hardly three days after nationalizing the Railway Systems of Zambia the Government announced an investment of US$120million shows […]
