The Economics Association of Zambia (EAZ) says Zambia’s reliance on the United States Agency for International Development (USAID) for development projects is a long-standing issue, but the recent decision to suspended aid that was later rescinded is a wake up for Zambia.
EAZ President, Lubinda Haabazoka has since advised Zambians not to panic but rather explore innovative private financing mechanisms that involve private sector investments.
Speaking in an interview with RCV News in Lusaka, Dr. Haabazoka said that while the threats of suspending aid to Zambia presents challenges for Zambia in the short term, it also offers an opportunity to explore home grown financing.
“By exploring innovative financing mechanisms and investing in key sectors like mining, Zambia can build a strong and sustainable economy,” said Dr. Haabazoka.
He further noted that Zambia and other African nations must reduce their dependency on foreign aid and work towards achieving their development goals through strategic investments, public-private partnerships, and policies that foster economic independence.
By Cynthia Lupiya/Elizabeth Mutale
