We’ve scaled down on borrowing - Mwanakatwe
ZAMBIA has decided to systematically scale down her borrowing from the market to create room for the private sector to access affordable credit and expand their businesses, Finance Minister Margaret Mwanakatwe has said.
Ms Mwanakatwe said Government would remain firm in its resolve to ensure that fiscal consolidation had a resounding impact on implementation of the Seventh National Development Plan, the Economic Stabilisation and Growth Programme, and the National Budget.
She said this during a bilateral meeting with United Kingdom Department for International Development (DFID) director-general, Lindy Cameron in Lusaka yesterday.
Ms Mwanakatwe also said that Zambia was rationalising taxation levels to ensure that optimal revenue mobilisation was attained in the quest to achieve the country’s aspirations espoused in its development plans.
The minister informed
Ms. Cameron that through quarterly reports, Government had embarked on a progress tracking system that would help to strengthen expenditure monitoring and demonstrate that tax-payers’ money was being used prudently for sustained economic growth.
“We need a clear picture on the size of the economy,” she said. Ms Mwanakatwe said Government had set aside funds in the 2019 budget to rebase the Gross Domestic Product to attain an all-round measurement about what was happening in our economy.
And Ms Cameron said Zambia stood out as a stable, democratic and peaceful country in the region.
She commended Government for the tough stance taken in protecting public resources.
Ms Cameron reiterated that the effort Government was making was a huge signal to the local and the international community that leadership was resolved to stem the wastage of public resources and advance public service delivery.
She stated that DFID was looking forward to the conclusion of the on-going audit process at the Ministry of General Education so that the partnership with Zambia was advanced with a special focus on private sector development and poverty reduction.
“It is inspiring to listen to your fiscal sustainability plans,” Ms. Cameron said.