Zambia debt issues!!!
The country is in a new hit of debt Crisis. It is difficult to control this form. Zambia is an African country with rich culture.
IS THIS A PRICE OR A PUNISHMENT TO ZAMBIA
Zambia find itself in the midst of storm. Similarly, one thing a country should run away from is the issue of debts.
Receiving huge amounts of money for the purpose of economic adjustment is not a solution to crisis without ensuring the quick and appropriate growth of the income in resources that will enable the society live in peace.
Zambia is now in dark looking for way out.
Currently, cars in Lusaka are moving even more slowly than usual because hidden speed cameras have sling drivers in the capital of Zambia. Is this a good option to raise money from the society? Similarly, the government is in deep need for cash.
The Zambian government has also announced taxes on internet calls, boreholes (funny enough) and weather forecast/reports.
“All because the state has run up too much credit, the citizens are now facing frustrations in raising funds for feeding and meeting up to the taxes.” Said John Phiri, a taxi driver in the state.
Mistakes or Mismanagements?
To be certified with truth in Zambia, concerns on the faces of the citizens are being seen in the market places. Based on logistics, of the 75 countries whose bonds make up the Bloomberg Barclay’s Emerging Markets Index, a basket of sovereign debt, none has been of bad credits in 2018 as Zambia. Similarly, “The market is pricing in a default,” stated Gregory Smith of Renaissance Capital, an investment bank. Zambia is therefore a warning for other African countries to be very well aware of the debt crisis.
Therefore, every African country should consider the possible crisis in return before collecting loans or signing deals.
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