IMMEDIATE KEY SOLUTION TO OUR ECONOMIC CHALLENGES
The key immediate positive economic measure that Mr Hakainde Hichilema and his UPND government should take to address our economic challenges is revising the generous mining tax waivers given to transnational corporations.
Those in power should keep in mind that right now, the country is engulfed in political upheaval and is tense politically. Economically, our country is on its knees.
Rating agencies have taken note of this occurrence. Aside from debt, the economic landscape is in the negative with high cost of living, which has a potential for civil unrest.
Prolonged load shedding is negatively affecting business.
Low crop harvest has the potential to exacerbate inflation and exchange rate risk.
New external borrowing, even if we say it’s concession borrowing, is nonetheless increasing our foreign debt exposure and increases the probability for future default. Revamping of mines and increased copper production is a medium-term initiative and will not have an immediate impact on our economic challenges.
Our advice on the immediate positive economic measure is revising the generous mining tax waivers. We ask those in power to move on this immediately.
Fred M’membe