ZCSD worried with Zambia’s debt

ZCSD Executive Secretary Lewis Mwape

The Zambia Council for Social Development (ZCSD) has expressed concern over government’s decision to acquire another Eurobond in view of the country’s accumulating debt.

ZCSD Executive Director Lewis Mwape says though Zambia needs more infrastructure development, being concerned with the rate of borrowing should be top priority for government at all times.

Mr. Mwape says the decision by government to go ahead and issue the US$1.25 billion   Eurobond is putting the tax payers in suspense on how their monies are being utilized.

Mr. Mwape adds that there is need for government to find better ways of raising enough money such as through the key industries.

He has noted that government will have to work extremely hard to ensure that the Eurobond which has an interest rate of 8.97 percent is serviced within the stipulate period     of eleven-year with repayments in 2025, 2026 and 2027.