Government to release domestic dismantling arrears strategy
AN arrear dismantling strategy which will guide stakeholders on how the domestic debt is being broken down will soon be released by the Ministry of Finance and National Planning.
This is according to the ministry’s Permanent Secretary for Budget and Economic Affairs, Mukuli Chikuba.
Mr Chikuba explained that it was meant to en sure that all stakeholders were up to date with the domestic arrears.
“As we know Zambia’s arrears are quite high domestically and what we will try to do is to dis mantle them in different categories of arrears. In so doing, we will set up a strategy so that everyone is aware on how those ar rears are going to be bro ken down.
“Side by side, we will soon be announcing a full audit of arrears by private entities which Govern ment is engaging so that it is done independently so that even when those arrears are dismantled over time,” he said at the on-going 2023 national budget consultations in Lusaka.
Meanwhile, Mr Chikuba said Government would increase social sector spending in the second half of this year to cushion the impact caused on the marginalised as a result of the current economic reforms.
He said beneficiaries under social cash transfer had increased to one mil lion this year from around 800, 000.
Mr Chikuba explained that Government was get ting extra funds towards social sector spending from partners such as the World Bank.
Government, he said, would continue to focus on targeted developmen
tal and social spending that resulted in increased economic activity while protecting the most vul nerable in society.
“We are undertaking reforms on the economic side which have an im pact on citizens especially the marginalised so social spending will be further increased.
“We are getting extra funds, other than those we have put in the budget, from partners such as the World Bank so for the sec ond half of the year, you will see that social sector spending will further in crease for us to cushion citizens,” Mr Chikuba said.