Q FM Africa's Modern Radio
The World Bank has cautioned that the financing of Zambia’s 2019 national budget will be costly.
Country economist Zivanemoyo Chinzara says the cost of financing the Country’s external debt is likely to be higher than it is for the 2018 financial year.
Dr. Chinzara says the recent depreciation of the Kwacha against other convertible currencies will also affect the cost of servicing external debt .
Speaking during the Zambia Institute of Chartered Accountants (ZiCA) 2019 post budget analysis dinner in Lusaka Dr. Chinzara further noted the urgent need to beef up Zambia’s foreign reserves.
Dr.Chinzara has urged government to take the issue of beefing up foreign reserves as a priority.
Speaking at the same dinner Civil Society for Poverty Reduction (CSPR) Executive Director Patrick Nshindano urged government to commit to prudent fiscal management.
Mr. Nshindano has encouraged government to ensure that this is made possible through the enactment of various fiscal instruments.
He has referred to the Planning and Budgeting Bill, the Public Procurement Bill and the Loans and Guarantee Bill as the legislation his organization expects to be enacted.
And Economist Lubinda Haabazoka has advised government against bending to any pressure in the implementation of the announced 2019 national budget.
Dr. Haabazoka who is also Economics Association of Zambia (EAZ) president has insisted that next year’s national budget reflects what is happening in the Country.
He says there is no need for the mining sector or the Health sector to cry foul over the measures government has introduced in the budget as this is what austerity actually entails.
Finance Minister Margaret Mwanakatwe was guest of honor at the ZiCA 2019 post budget analysis dinner which was co-hosted by the Economics Association of Zambia (EAZ).