Lusaka, 28 October, 2020 / 9:32 pm (ACI Africa).
Zambia’s “rapidly weakening economy” is a cause for concern, officials of the Jesuit Centre for Theological Reflection (JCTR) based in the Southern African nation in a recent statement in which they call on the country’s leadership to adopt the transformative servant leadership model.
“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,” the officials say in their statement signed by JCTR Executive Director, Fr. Alex Muyebe.
Issued on the occasion of Zambia’s independence anniversary October 24, JCTR officials say that it is ironical that Zambians “cannot but lament the current shrinking fiscal space” during the commemoration of the country's 56th independence anniversary.
They make reference to the country’s Gross Domestic Product (GDP) and accrued debt from foreign entities saying, “Zambia’s total external debt stock now stands at US$27 billion dollars, which, literally, is equivalent to the country's GDP. The national debt stock was US$11.97 billion as of June 2020.”
“The fiscal deficit, the inflation rate and the depreciation of the currency are on the rise,” the officials of the Jesuit institution note.