ZAMBIA HAS CAPACITY TO PAY ITS DEBT, SAYS FORMER ZRA BOSS, DR. KINGSLEY CHANDA
Tax and Business Consultant, who is also former Zambia Revenue Authority (ZRA) Director General, Dr. Kingsley Chanda, says Zambia has the capacity to pay both internal and external debt instead of always lining up for debt forgiveness or restructuring.
Speaking when he addressed the Zambia Congress of Trade Union (ZCTU) Executive meeting, Dr. Chanda advised against relying on international pleas for debt forgiveness and restructuring and called for a positive mindset that focuses on more revenue generation within the country.
He said Zambia is endowed with abundant natural resources including minerals, land, water bodies, and timber, saying there in lies that nation’s potential to generate substantial revenues capable of servicing its entire debt within a five-year timeframe.
In his paper titled “Revising the Discourse on Zambia’s Debt” the former top tax man emphasized the importance of altering the narrative surrounding debt management, urging stakeholders to redirect their efforts towards devising strategies for repayment rather than seeking forgiveness.
He defended the tangible benefits derived from previous debt expenditures, such as infrastructure development in the form of roads, schools, clinics, airports, and hydroelectric power stations.
Dr. Chanda discouraged Zambians from celebrating debt postponement, arguing that such reactions are counter productive as they don’t address the underlying issues which can be resolved by maximizing available economic potential within the country.
“By implementing sound economic policies and adopting prudent tax measures, Zambia can fulfill its debt obligations without resorting to restructuring,” he said.
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