EFZ disappointed Parliament has approved external debt ceiling increase

The Evangelical Fellowship of Zambia (EFZ) has expressed disappointment with Parliament’s approval of the increase in the external debt ceiling from K35 billion to K60 billion.

EFZ Executive Director Pukuta Mwanza says government should have considered other alternative sources of funding and external borrowing should have been the last one.

Reverend Mwanza notes that much as the people appreciate development, they are also concerned about borrowing.
He says the country is only expected to borrow in desperate times were there are no other options.

EFZ Executive Director Pukuta Mwanza

He notes that the interest rates that come with borrowing are high such that the money being paid as interest would go to other developmental project if government would find other sources of funding.

Reverend Mwanza says his prayer is that the spirit of borrowing should not be inculcated in the future generation.

He further states that he is hopeful that the PF government will pay what they have already borrowed and what they will borrow before leaving government.