ZAMBIA: Jesuit Centre for Theological Reflection Laments Zambia’s Debt Crisis
Jesuit Centre for Theological Reflection (JCTR), Zambia
Sr. Jecinter Antoinette Okoth, FSSA
The Jesuit Centre for Theological Reflection (JCTR), a civil society organization for the Religious order of Society of Jesus (Jesuits) has called on the government of Zambia to be concerned about the rate of decline in the country’s economy which is affecting the life of citizens and develop long-lasting solution to debt crisis.
“JCTR is deeply concerned with the rapidly weakening economy in our country which is jeopardizing the economic and social justice of the ordinary citizens, especially the poor, the marginalized and the vulnerable,” reads in part a statement issued Saturday, October 24, on the commemoration of the country’s 56th independence anniversary.
“This is not the first time Zambia has found herself in a debt crisis. Government must learn from these experiences and come up with a lasting solution to avoid finding ourselves in this same bad place over and over again,” the statement signed by JCTR Executive Director, Fr. Alex Muyebe reads further.
Expounding on the state of the economy in relation to the country’s Gross Domestic Product (GDP), the organization that conducts research, education and advocacy team that promotes study and action on issues linking Christian Faith and social justice in the Jesuits’ Zambia-Malawi Province “laments the current shrinking fiscal space in Zambia.”
“Zambia’s total external debt stock now stands at US$27 billion dollars, which, literally is equivalent to the country’s GDP,” JCTR officials disclosed in the statement adding that, “The national debt stock was US$11.97 billion as of June 2020. Further, the fiscal deficit, the inflation rate and the depreciation of the currency are on the rise.”
The leadership of JCTR laments further that the 2021 national budget evidence “that funds allocated to the social sector have shrunk significantly thereby affecting the ordinary person’s access to health, education, clean water and sanitation.”
“This will further compromise human development and undermine promotion of human dignity and attainment of the common good,” they bemoan.
Further, the JCTR in their Saturday statement, “The government must put in place a transparent debt contraction mechanism and a robust and workable debt management and debt sustainability strategy.”
Additionally, JCTR has called for adoption of transformative and servant leadership model at all levels of governance highlighting, “The maturity of our independence and democracy will be measured by the degree of our leaders’ willingness to drive a common good agenda rather than a self-enrichment agenda.”
“All the wealth and resources divinely endowed on Zambia is meant for the benefit and the welfare of all the Zambian people without any discrimination,” they said.
