Lusaka ~ Sat, 28 Nov 2020
By Brightwell Chabusha
Central Bank Governor Christopher Mvunga has expressed disappointed over recent remarks by South Africa’s finance minister Tito Mboweni against Zambia’s economy, which he branded a “failed state”.
Minister Mboweni, in his comments on his country’s current economic crisis following the downgrading by rating agencies to junk status, made demeaning remarks against the sovereign state of Zambia which he called “a failed state economically” and that South Africa could be heading that direction.
But Mr Mvunga, in a statement issued to Zambia Reports today, stated that
it was saddening for Mr Mboweni, a leader, to state such remarks on a neighbouring country despite South Africa and Zambia enjoying good relations.
Mr Mvunga said it is not right to make negative comments that may injure existing relations between the two countries and advised Minister Mboweni to be cautious whenever he was issuing a statement on another country.
This week, Mr Mboweni said South Africa cannot implement a pay deal with public servants because it would precipitate a fiscal crisis, and went further to entangle Zambia in his comments, saying the woes provided a cautionary tale and South Africa could ill afford to go down the same path.
The Coronavirus pandemic has disturbed Zambia’s debt payment schedule, sadly forcing it to default on its Eurobonds, making it l the first African nation to do so since the onset of the COVID-19 pandemic.
Ethiopia, Ghana, Kenya are among countries facing a debt crisis owing to the ravaging Coronavirus that has brought many African states to their knees.