Zambia doesn’t need IMF loans – Sinkamba

By NATION REPORTER Z AMBIA’S continued borrowing from the International Monetary Fund (IMF) has the real risks of deepening and worsening its debt burden and Government should have avoided it because the country has enough resources to meet its financial obligations, Peter Sinkamba has said. Mr Sinkamba, the leader of the Green Party said in an interview that the money from the IMF loan will largely be channeled towards repaying existing creditors rather than financing local economic development. Mr Sinkamba said the government’s borrowing strategy had raised questions about the country’s long-term economic direction, particularly as the nation prepares for the 2027 national budget. “Whatever you are getting now is not for local development. It has to pay off their creditors. Borrowing to pay a loan, it doesn’t make sense. That is our position,” Mr Sinkamba said. M r Sinkamba accused the UPND regime of prioritising borrowing and political survival over the welfare of ordinary Zambians, alleging that some people were benefitting financially from the country’s debt arrangements. He also expressed doubt about the government’s economic growth ambitions, saying the targets outlined in its development agenda were not supported by sufficient progress in key sectors. Mr Sinkamba questioned Government’s ambition and desire to increase annual copper production to three million tonnes by 2030, arguing that the country had struggled to reach one million tonnes despite years of promises. He also challenged the target of attracting five million tourists annually, saying heightened airport security procedures and longer passenger processing times could discourage visitors. “How can you attract tourists when you have such restrictions at the airports? That notion is a pipe dream which is not going to happen,” he said. Mr Sinkamba also questioned the economic significance of the government’s target for the beef sector, saying the anticipated returns would be insufficient to transform an economy supporting nearly 23 million people. He said the economic outlook had remained uninspiring and warned that the 2027 budget was unlikely to introduce significant changes, judging from the government’s recent policy signals.

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