Citizens First Party President Harry Kalaba says the glorified debt restructuring deal is simply a formalized refusal to pay back debt and is not different from the previous regime’s failure to repay debt.
Speaking when he featured on Tuesday edition of Let the People Talk Program on Phoenix FM this morning, Mr. Kalaba says Zambia has the capacity to repay its debt without the debt restructuring deal and the International Monetary Fund Program –IMF- program if the financial sector loopholes are sealed.
He says government should first seal the gaps in the mining sector by coming up with policies that will ensure the money from the mines stays in the country as opposed to the current status quo were all the money from the mines is taken outside the country.
Mr. Kalaba says it is unfortunate that government chose to side with the mines by giving them tax holidays for five years at the expense of the Zambian people who are languishing in poverty.
He further says Zambia does not need the IMF for economic recovery because the fund has never bailed any African country out of poverty as the funds they give are loans that are supposed to be paid back.
Meanwhile, Mr. Kalaba has accused the new dawn government of delaying to repeal and replace the public order act because it is working in their favour.