FINANCE MINISTER SAYS ZAMBIA’S CURRENT DEBT PORTFOLIO STANDS AT OVER $14 BILLION
Finance and National Planning Minister Dr. Situmbeko Musokotwane has disclosed that Zambia’s current debt portfolio stands at over $14 billion.
Speaking when he featured on the Tuesday edition of Let The People Talk program on Phoenix FM, Dr. Musokotwane says the current debt position is within the accepted ratios in terms of the exchange rate, the foreign reserves that are at $4 billion and the current tax revenue being remitted.
Dr. Musokotwane assures that the country’s debt level is well assessed to be sustainable and that as the economy grows, Zambia will continue borrowing but that it will be done within the set parameters.
And Dr. Musokotwane has refuted claims that the UPND government has borrowed more in 3 years than the PF borrowed in 7 years, arguing that when the PF took over office, the country’s debt stood at $2 billion and accumulated to over $13 billion by the time they were leaving office.
He has also clarified that the African Development Bank $100 million loan is not new, as it was already approved by Parliament but that parliament needed to sit again as required by law because the terms of the loan had changed.
Meanwhile, Dr. Musokotwane has assured Zambians that with the resolved debt issue and the revival of the mining sector, the economy will completely turn around after some time.
PN