Controversial former Lusaka Province Minister Bowman Lusambo has told President Hakainde Hichilema to cut short his visit to Europe to attend to the reported ailing local economy.
The Kwacha has been trading between 23.09 and 23.53 against the US Dollar as the International Monetary Fund (IMF) reverses the proposed debt restructuring plan for Zambia.
The increasing cost of living compounded by hiked fuel and commodity prices is another issue raising dust in the local economy.
In a media statement, Mr. Lusambo, a critic of the UPND administration, charged that the local economy is in the intensive care unit.
“The Zambian economy is collapsing, President Hichilema should cut short his Euro tour. It is now clear as day that the Zambian economy is in ICU. All key economic indicators have gone south. The poor, who are the majority among us are failing to cope because food prices have hit the roof.
It therefore beats logic why President Hichilema and his Finance Minister could be freely galavanting the world attending fruitless and endless meetings when the country’s economy is melting like a hot knife through butter,” Mr. Lusambo wrote.
“Throughout history, we have seen responsible leaders cut short their foreign trips in an event of a crisis back home. What we have on our hands now is an economic crisis and leadership and a hands-on-deck approach is required.President Hichilema and his economic team at State House have gotten us to this unprecedented economic collapse and should return home immediately to fix the problem or at least show concern,” he stated.
Mr. Lusambo said the local economy is failing after President Hichilema abandoned the economic recovery programme called Zambia Plus initiated by the PF regime.
“In his wisdom, President Hichilema decided to discard Zambia Plus and went to rent brains from the boys and girls in Washington D.C and he has ended up wasting over two years. Now that we are here, approaching the end of 2023 with a collapsing economy and a currency in free fall, we wish to remind Zambians of what we predicted over two years ago.We warned that President Hichilema flirtation with the IMF and the World Bank would never bring about any meaningful economic development for Zambia.”
“When the hullabaloo around Zambia signing a Staff Level Agreement with the IMF reached fever pitch, we wrote and engaged the IMF Country Office demanding full disclosure of the agreement. Our demand was that the UPND government engages the IMF on the basis of full transparency and mutual respect.Our objection to the IMF conditions was premised on the fact that, given our dark history with the IMF, a repeat of the mistakes of the 90s failures would be catastrophic for Zambia,” Mr. Lusambo said.
The dethroned former Kabushi Member of Parliament proposed that President Hichilema call a national indaba on the economy.
“The UPND government elected to ignore our recommendations. Today, after 2.5 years, the much heralded debt restructuring programme is now dead in the waters. China, a key ally of Zambia which was ridiculed, belittled and looked down upon in the whole process has now come back to tell this administration the same things we told them at the beginning. The G20 framework was a flawed process in design and in its implementation. Even us with limited understanding of the global finance architecture could see through this poorly designed framework and predicted that it could not work and true to our projections, we are here and stuck in the waterloo.”
“This should be a lesson to President Hichilema to start listening to voices of reason, he needs to start listening to Zambians. This economy belongs to Zambians and therefore they should have a say in the way it is being run. We therefore call on President Hichilema to immediately convene a national Indaba on the economy that will allow all Zambians drawn from different backgrounds to input into the future of the Zambian economy,” Mr. Lusambo concluded.
Thats rich coming from you
I suppose you want our credoitors running after us ?
that wont happen
Tikki, you should bear in mind that Zambia is not servicing any debts you claim PF left and the cost of living extremely high. Your government has borrowed 6 Billion and no project seen yet.
@Henry: It is not a claim. It is a fact. PF found Zambia almost debt free, and with about $3.8 billion in the bank. Michael Satan blatantly stole that money. From there, he and PF borrowed another US $31 billion, that they failed to pay starting in 2020. Your selective amnesia does not change the fact that your relatives are thieves. It cannot negate the fact that the IMF is back in the driver’s seat inflicting pain on the people on Zambia because of the money these PF animals borrowed irresponsibly, and looted shamelessly. Lusambo should be in jail, together with every crook in PF who stole our assets. And you should really shut up.
MOST OF BA MPOSA MABWE ARE JUST PHYSICALLY STRONG BUT VERY DULL. THEY DON’T UNDERSTAND WHAT IS INVOLVED IN A NATIONAL TRANSFORMATION. HARDSHIPS , HARDWORKING , ANND CONNECTIVITY ARE INDEXES OF TRANSFORMATION. BUT CORRUPT GREEDY CROOKS GO FOR EASY ROUTES LIKE SUBSIDIES , STEALING AND CORRUPTION WHICH HAVE MADE ALMOST ALL AFRICAN COUNTRIES TO REMAIN U
No third world country has ever prospered under IMF/World Bank intervention. Their business plans are contrived to stifle the borrower. Look at Jamaica, Sri Lanka, Pakistan and Guyana. They dug themselves into the quagmire under IMF/World Bank collaboration. Their economies stagnated and the majority of the population suffered. First line of attach under IMF?Worls Bank is:
Currency devaluation
Removal of subsidies
Hike in postal rates
Wage freeze, and
Import restriction
LOOK OUT FOR THOSE!
@Javid Muhammad: This is why PF should be prosecuted. They are the ones who borrowed all of the money that the IMF is now using to make us dance to their tune with. Do not complain about the medicine the IMF gives. Complain about the tribalists who borrowed and looted the US $31 billion that Zambia has no means of paying, and is bringing the IMF back. You are the ones who voted for the PF *****s. You cannot cry about it now. We warned you. It is equally your fault. HH is in Europe trying to talk to the people who own our debt, and one of the thieves who brought it about is busy condemning him…
Since you claim to be intelligent, Tell the nation how the country is going to settle the billions owed to China without the support of the financial institution. pf also had approached the IMF to help with the country’s debt. They failed to convince the IMF because they were dishonest. The president is traveling to Europe to lobby them to convince China to accept the deal by the IMF. He is not taking cadres to go and have a boat cruise on the Danube.
Ba lusaka times…I am surprised that you still exist.
Me too they are way behind other news media
Whoever writes these things for Bowman doesn’t even bother to make the English sound like Bowman. The level of thinking is the same though.
@Kaizar “Kamyanga-Nyoko” Zulu: You are not coming back to power. You will be wearing a faded and torn prisoner’s uniform at Chimbokaila, Mukobeko, Mwembeshi or Lusaka Central Prison by 2026. It is your fault that Zambia is in these kinds of economic problems. You found the country debt free and growing; You stole the US $3.8 billion that was in the bank. You borrowed and stole US $31 billion that Zambia cannot pay, and is now being used by the creditors to inflict economic pain on the country with. This is your fault. Shut up. Mubwa, nja
In the 1990 the one who made a mistake was Kaunda. Kaunda was advised to start privatization program in 1982. Instead, Kaunda made ZCCM and fours later everything started to go down. there were riots on the Copperbelt, Chambeshi mine closed and many other issues. Kaunda was given a ten year program of privatizing the Mine and each year, the government was to receive 1.9B as balance of payment.
We all know that Chigaga after attending IMF meeting in France died at the Airport in Lusaka, suddenly in March 1991. This too was something that agitated the people who started advocating for Multi Party.
It is totally wrong to be advised by people who defaulted and they can not show how they used Euro Bond.
The worst curse that President Lungu brought in Zambia is in his definition of QUALITY human materials to appoint in ministerial portfolios. Such Rogues and habitual thieves like Bowman Lusambo, Mike Katambo and Joe Malanji are the people that reflect his inner eye and his latent character for he brought those closer than genuinely upright and groomable people in his cabinet. Inonge wina is also to blame for not advising Lungu to desist from such cheapnes. We had genuine presidential material in PF whom Lungu decided not to notice such as the likes of Brian Mushimba, Edify Hamukale, Wilbur Simuusa etc to create wamuyaya leadership in the future
Lusaka times editor you are a son of a beech. What makes my brother bowman controversial? Be very careful because in 2026 we are returning and let me warn you that upnd propaganda sites like this one will be blocked in zambia. Why can’t you report on the historic High exchange rates. Your hh told us he was powerful enough to bring rates down at 14 hrs. He is a dog.
@Kaizar “Kamyanga-Nyoko” Zulu: You are not coming back to power. You will be wearing a faded and torn prisoner’s uniform at Chimbokaila, Mukobeko, Mwembeshi or Lusaka Central Prison by 2026. It is your fault that Zambia is in these kinds of economic problems. You found the country debt free and growing; You stole the US $3.8 billion that was in the bank. You borrowed and stole US $31 billion that Zambia cannot pay, and is now being used by the creditors to inflict economic pain on the country with. This is your fault. Shut up. Mubwa, nja.. Musata nyoko
MOST OF BA MPOSA MABWE ARE JUST PHYSICALLY STRONG BUT VERY DULL. THEY DON’T UNDERSTAND WHAT IS INVOLVED IN A NATIONAL TRANSFORMATION. HARDSHIPS , HARDWORKING , ANND CONNECTIVITY ARE INDEXES OF TRANSFORMATION. BUT CORRUPT GREEDY CROOKS GO FOR EASY ROUTES LIKE SUBSIDIES , STEALING AND CORRUPTION WHICH HAVE MADE ALMOST ALL AFRICAN COUNTRIES TO REMAIN UNDERDEVELOPED
Ba Chief Editor, you consider this as news? Do you people know the consequences of defaulting on a loan? I suffered a four months no salary to a default not caused by me but the Branch Manager Finance Bank then in Mpika. My daughter was at Lwitikila Girls and School fees were demanding. Then you are giving space to those that defaulted on our debts You shall never understand and appreciate the economic diplomacy the President Mr. Hakainde Hichilema is undertaking because you have chosen to doing so.. For whites to applaud him like that in Berlin is not a joke. I stayed in Germany for three solid years.
Sad story sir. Hope you recovered. But whites are human beings like you and me. So their applaud shouldn’t be special. Was the scramble for Africa not held in the same Germany?
Kaizar Zulu, Edgar Lungu you are under investigation for the untimely death….
Whey were you entering State House after you were fired?
Kaizar you are a son of a dog. Your useless PF will never come back. You will die a miserable fugitive. Styopet.
In Democracy, the danger is not that a particular class is unfit to govern. it is every class which is extremally unfit to govern because no one knows how fur to go nor how less it goes. And it is important to remember that each day is a first day in democratic system. Overall, patience and down to earth plays a pivotal roll in fulfilling day to day activities. And who said that Democracy puts food on the table?
Equally who said Democracy is stopping someone visiting other countries? Only rascals are in that form.
@henry
where do you get a figure of 6 Billion
This GRZ is not servicing current debt but historic debt left by previous regimes
……….
Imwe naimwe ba die hard stone thrower…….
We are too busy working to respond to childish gibberish………….
Go and find the tax recites ZRA want for your properties……….
It’s not only the ailing economy that needs his attention but governance issues as well. ZP officers beat a detainee to death in Mkushi while ZNS officers shot and killed an innocent teenager in Mufulira. What goes on in this man’s mind? He just talks about Mapenzi Chibulo when his officers are killing people everyday. What kind of President is he?
Can the president control every law enforcement officer ?
Exactly, @Spaka. Most of the police in Zambia were hired by PF. And yes, HH should speak about Mapenzi Chibulo who was murdered by PF.//
The biggest curse here is corruption
my biggest concern road traffic and tenders
looks whats happening in SA
The doughnut faced animal in the pictures looks exactly like a looter of national asset. I would like nothing more than to see him a Chimbokaila, Mwembeshi or Lusaka Central, in a kaili uniform, on long-term residency
The chitumbuwa faced animal in the picture looks exactly like a looter of national assets. I would like nothing more than to see him in Chimbokaila, Mwembeshi or Lusaka Central, in a kaili uniform, on a long-term residency plan..
Simple solution is to keep such criminals like Lusambo in prison. The PF criminals with stealing and murder cases are just mocking Zambia’s justice the system. Their music remains the same. They tend to insult or distabilize the government. Once their committed criminal charges are brought to court or once they are detained they gather their thieving comrades like Lungu to visit them to look like thy are innocent. They immediately get released instead of letting spend in years in prison with hard labour. This very unfair to we Zambians who want to see justice.
The weakness of HH is turning these criminals into heroes. We are everyday being confronted by their ugly faces and fat bellies which they attained through thefts..
MOST OF BA MPOSA MABWE ARE JUST PHYSICALLY STRONG BUT VERY DULL. THEY DON’T UNDERSTAND WHAT IS INVOLVED IN A NATIONAL TRANSFORMATION. HARDSHIPS , HARDWORKING , ANND CONNECTIVITY ARE INDEXES OF TRANSFORMATION. BUT CORRUPT GREEDY CROOKS GO FOR EASY ROUTES LIKE SUBSIDIES , STEALING AND CORRUPTION WHICH HAVE MADE ALMOST ALL AFRICAN COUNTRIES TO REMAIN UNDERDEVELOPED