Zambian Economy Might Plunge Into A State Of Bankruptcy In The Near Future.
The route Zambia has decided to take leads to a state of total bankruptcy in two decades to be precise. The path to bankruptcy is becoming narrower and shorter every second that passes and soon the fall into unrecoverable debt is fast approaching.
Who should Zambians blame? The government or the people that elect government officials?
Before 1964, Northern Rhodesia, which we now know as Zambia, was amongst the many African countries seeking independence. After attaining independence Zambia like most African countries is far from independent. Independence is just a word thrown around by many Zambians like most Africans without even having the slightest experience of it at all. It is quite noticeable from the rampant poverty levels arising from all corners of Zambia the very moment a plane lands at Lusaka international airport. We are far from independent.
Earlier this week, during the opening of parliament, Finance Minister Alexander Chikwanda had disclosed that the 2015 budget deficit had skyrocketed from a project of K8.5 billion to a mouth dropping K20 billion in the first six months of the year.
It is for this very reason that the once former Finance Minister Ngandu Peter Magande said the current government is leading the country on the path to a state of bankruptcy,he further said that Zambia risks being declared bankrupt if government in 20 years time, does not pay back the money it has continued to borrow.
Zambian Finance Minister had blamed the widened budget deficit to a slowdown in government revenue mainly due to reduced copper earnings and some un budgeted for expenditure.
Zambian youths both in the country and diaspora have expressed their dissatisfaction towards Government’s foul move of borrowing. The youths of today are persistently contradicting most decisions made by Government because they have had enough, but unfortunately their pleas fall on deaf ears.