HH gives opinion on how Eurobond could have been repaid

UPND leader Hakainde Hichilema says if the Eurobond was invested in renewable energy and agriculture, government could have repaid the loan with easy.

Mr Hachilema said if the money was invested in setting up of about 400Mw, the solar plant would have been able to supply power to 600,000 households with potential revenue of K1.43 billion.

He said if the same power was exported it could have potential revenue of US$168 million.

“With this model, there would have been no need to tax citizens to repay a loan that was badly invested including US$20 million to given to PF cadres, through DBZ, in the name of youth transport initiative.

“The other option would have been through various MOUs with private sector and Government to Government agreements, we would have invested in agriculture to produce over a million tons of soybeans with a revenue potential of US$1.3 billion, with gross profit of US$550 million, enough to pay about 70% of the principle amount (US$750 million) of the Eurobond. Remember our annual repayment of this particular bond is US$40.3 million until 2022 where upon the country will have to pay back the principal in one balloon payment of US$750 million,” he said.

The Independent Observer

John Sakala is a Journalist yearning for independent journalism

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