Zambians deserves clear answers on national debt

Zambians deserves clear answers on national debt

TRANSPARENCY in debt management under President Hakainde Hichilema and the New Dawn Government is not a political luxury, it is central to Zambia’s long-term economic stability and the restoration of international confidence.

When the United Party for National Development (UPND) assumed office, it inherited a nation burdened by unsustainable debt and bruised credibility on the global financial stage. The promise was clear that fiscal discipline, prudent borrowing and a decisive break from what it repeatedly described as reckless debt accumulation under the Patriotic Front (PF).

It is therefore understandable that fresh concerns about borrowing levels would spark public debate.

Peoples Pact vice-president Bob Sichinga has stirred that debate with figures suggesting that while the PF borrowed US$15 billion over 10 years, the current administration has contracted US$11 billion in just four years. If those figures are accurate, they demand serious reflection and not defensiveness.

Sichinga said it is shocking for a government that strongly criticised its predecessor’s borrowing record to find itself on a similar trajectory.

He contends that while the UPND was restructuring debt, it was simultaneously contracting fresh obligations at an average of US$1.5 billion per year.

These sentiments raise legitimate governance questions, which Hichilema and his administration should address.

It is surprising that the Hichilema administration appears sensitive whenever reminded of its past rhetoric in opposition. The President and his party built much of their credibility on condemning what they termed unsustainable borrowing by the PF. They assured Zambians that a UPND government would chart a different fiscal course.

Leadership demands consistency. When standards are set in opposition, they must be upheld in government.

This does not mean that borrowing itself is inherently wrong. Every government borrows. The real issue is sustainability, transparency and public benefit. Has the UPND fundamentally reformed Zambia’s borrowing culture? Or has it merely changed the managers of the same system?

Zambia’s total public debt now reportedly exceeds US$26 billion, with external debt hovering around US$20 billion and domestic debt surpassing K250 billion. These are sobering figures. They represent hospitals yet to be built, classrooms still overcrowded, and infrastructure projects that citizens expect to see materialise.

Government officials maintain that borrowing is partly financing expanded Constituency Development Funds (CDF), stabilising the economy and supporting public services. If that is the case, then clarity should not be difficult to provide. Zambians deserve a transparent, easily digestible account of where each borrowed dollar is going, the terms attached, and the repayment strategy.

The New Dawn administration’s debt restructuring achievements have been widely acknowledged internationally. Securing agreements with creditors was no small feat. But restructuring past debt does not excuse lack of transparency in management of new debt. Indeed, it makes transparency even more critical.

Sichinga and majority Zambians have questioned the visible impact of the borrowing, echoing the familiar phrase: “Sonta apo wabomba” meaning point to what has been done. Whether one agrees with the tone or not, the substance of that demand is valid. Citizens measure progress not in spreadsheets but in roads, clinics, schools, jobs and stable prices.

It would be unfair to ignore global economic headwinds, currency volatility and the cost of debt servicing inherited from previous administrations. However, these realities strengthen the case for open communication, not silence or irritation.

If the UPND believes its borrowing strategy is prudent, growth-oriented and sustainable, it should welcome scrutiny. Transparency builds trust with citizens, investors and international partners alike. Sensitivity, on the other hand, fuels suspicion.

Zambia cannot afford a repeat of debt cycles that mortgage the future without delivering meaningful development. Whether under the PF or the UPND, debt must serve the public interest.

The path to long-term economic stability lies not merely in how much is borrowed, but in how honestly it is explained, how wisely it is invested, and how sustainably it is managed.

On this score, transparency is not optional. It is the cornerstone of credibility.