HH Addresses Economic Impact Of Covid-19

UPND leader Hakainde Hichilema has warned that the government needs to act quickly to protect the economy from the adverse effects of the coronavirus pandemic. 

Mr Hichilema criticised President Lungu’s government for allowing the first round of the World Bank’s Covid-19 response funding to pass by without expressing interest on behalf of Zambia. 

He said that the government was focussing solely on the health impact of the disease, without paying attention to Zambia’s economy, which is struggling as the Kwacha continues to decrease in value. 

The opposition leader said that the fall in currency was a bad sign and urged government to approach international lenders now before it is too late. 

On Thursday, Mr Hichilema expressed his delight that the World Bank Group and International Monetary Fund had written to creditors to urge a freeze on debts from International Development Association countries such as Zambia in light of the coronavirus pandemic. 

Mr Hichilema said he hopes that the government will make use of the debt relief window and approach its creditors to discuss a pause on payments while it focusses on tackling the virus. 

The warning comes as Finance Minister Dr Bwalya Ng’andu cut predictions for Zambia’s economic growth to just 2% in 2020. 

The minister said that the tourism, mining, manufacturing, construction, and retail sectors were all being affected by the pandemic.