UPND SA has urged the PF government to disclose the country’s debt to the public before the entire country and it’s assets are auctioned to the highest bidder without the knowledge of the citizens. Reacting to the news that the government is in the process to award a tender to a foreign company to restructure the euro bond, UPNDSA spokesperson Clifford Nsama disclosed that the only reason to restructure a bond is when the borrower is about to default. The term to provide advisory services is misleading. The real work this company has been appointed is to help the government find a way of helping it to avoid defaulting, period. We have always told PF govt that they have unsustainable debt but they continue to deny it. We are also aware that this tender has been highly inflated in value and a proper diligence study was not done on this particular company they want to award the tender to.
It is important to understand why Lazard.com has its headquarters in Bermuda despite its purported credentials. We know Bermuda as a tax haven for a lot of people involved in acquiring wealth illegally and as a people of Zambia, we must ensure every company that does business with us is above board. PF govt must come out clean and accept that they have totally failed to provide prudent financial management to our country and have totally collapsed it.
We challenge the Minister of Finance to tell the nation about the true financial debt situation of the Republic of Zambia and admit to the Zambian public that as a country we are broke.
UPND SA spokesperson