The Ministry of Finance says it is working towards reducing the stock of arrears to domestic suppliers of goods and services.

Finance Minister Bwalya Ng’andu said it is in this vain that the Ministry released K590 million to the National Road Fund Agency and paid out K452 million representing 77 percent of the amount owed to local contractors and consultants between December 2019 and January 2020.
Dr. Ng’andu said in a bid to avoid further accumulation of arrears, Government has enhanced its commitment control systems as part of its austerity measures.
“Between December 2019 and January 2020, the Ministry released K590 million to the National Road Fund Agency and paid out K452 million representing 77 percent of the amount owed to local contractors and consultants. Almost all the contractors undertaking routine maintenance works were paid in full,” Dr. Ng’andu said.
He warned that all erring controlling officers will be held to account in line with the public Finance Management Act.
Meanwhile, the Minister has assured the nation that government will ensure that the debt management measures as directed by Cabinet are implemented.
He said government will also enhance revenue collections whilst remaining mindful of the need to support private sector growth.
“We will continue to engage cooperating partners to support our growth and development agenda,” he stated.
And Dr. Ng’andu said the outbreak of the Corona virus has the potential to destabilize trade between Zambia and China.
He said if the virus disrupts China’s ability to buy Copper from Zambia, the country’s foreign exchange inflows will be adversely affected.
The Minister was speaking during the presentation of the 2020 economic outlook brief in Lusaka.