Ministry of Finance says government is not sitting idle on the continued increase in debt levels.

Speaking at the Multi- Stakeholders Meeting on Public Debt Legal Framework organized by Consumer Unity Trust Society (CUTS), Ministry of Finance Permanent Secretary in charge of Economic Management and Finance, Mukuli Chikuba says there is still room to improve the Loans and Guarantees Authorization Act.

“I do take note of points given on the debt stock, yes they are arising ends from multilateral debt” He said.
And speaking at the same event, CUTS Programmes Officer Kangwa Muyunda has observed the need for government to change the legal Framework on debt acquisition in order to avoid the escalation of debt in the country.

Ms. Muyunda says the high debt levels is also leading to economic challenges resulting in high unemployment and price hikes in goods and services.
“Zambia’s debt levels have continued to escalate while investment in public investment is declining” Ms. Muyunda said.

“Citizens are feeling the impact of high debt levels and are now becoming concerned.”
Meanwhile, Researcher Florence Muleya has proposed the need for government to amend the Loans and Guarantees Authorization Act and has further stressing the need for debt acquisition to be done by the National Assembly.

“The legal framework will determine the rules and the agenda for the procedures for debt acquisition in the country.
The meeting was held under the Theme; Examining Zambia’s Public Debt Legislation.