CORRECTING MR. SEAN TEMBO’S WRONG DEBT FIGURES- Alexander Nkosi

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Alexander Nkosi

CORRECTING MR. SEAN TEMBO’S WRONG DEBT FIGURES

By Alexander Nkosi

MR. SEAN TEMBO: The Ministry of Finance has failed to put a stop on over-borrowing, having grown our foreign debt from around USD11 billion in 2021 to the current almost USD15 billion, and having more than doubled our domestic debt from around K96 billion in 2021 to the current almost K207 billion.

ALEXANDER NKOSI: While I appreciate the importance of providing checks and balances, it is important to use factual data. Central Government external debt at the end of 2021 was USD13.041 billion and increased to USD14.093 billion by end of quarter one 2023. This is an increase of about USD1 billion which is largely attributed to disbursement of existing loans for on-going programs and projects which were not cancelled. Domestic debt at the end of 2021 was K192,993 billion and increased to K211,690 billion at the end of quarter one 2023.

Thank you

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