Q FM Africa's Modern Radio
Patriots for Economic Progress (PeP) President Sean Tembo has expressed concern that domestic arrears have risen to an all-time high of about K15 billion or approximately US$1.2 billion.
Mr. Tembo who is also an economist says Finance Minister Margaret Mwanakatwe has been contracting additional external debt without any regard to the country’s ability to repay these loans, and without Parliamentary approval as required by the Republican Constitution.
He has also expressed concern that under Mrs Mwanakatwe as Finance Minister, the country has attained a huge domestic debt balance of about K56 billion or approximately US$5 billion.
Mr. Tembo adds that the country has experienced the largest fiscal deficit that has averaged 7% an indication that the Minister is unable to properly match Government expenditure to Government revenue, which is a basic purpose and function of the job of Minister of Finance.
He says it is for this reason that he is requesting the Minister of Finance to consider resigning for unsatisfactory handling of the country’s economy.
Mr Tembo states that if the Minister sees it not fit or appropriate to resign her position, President Lungu should consider transferring her to an inconsequential Ministry where her alleged incompetence can be quarantined so as not to have a retrogressive impact on the rest of the economy.