Govt rules out further borrowing

Ministry of Finance Permanent Secretary for Economic Management and Finance Mukuli Chikuba

Government has ruled out any further borrowing in the wake of the high fiscal deficit currently at 7.6 percent.

Ministry of Finance Permanent Secretary for Economic Management and Finance Mukuli Chikuba has told a public hearing on pre-budget submission for 2018 organised by a consortium of civil society organisations that following the high fiscal deficit the country has experienced, the country will not continue borrowing.

He states that government will enhance economic stabilization policies through local resource revenue mobilization.

Mr Chikuba says government also intends to enhance budget credibility, social protection and integrated and inclusive economic governance to foster diversification of various sectors of the economy.

He has bemoaned the country’s revenue take, which is still low at 17 percent compared to other peer economies which are currently at 20 percent.

Mr Chikuba states that to curb such an occurrence, government will broaden the country’s tax base and ensure macro stability.

And Mr Chikuba says government will be receptive to the submissions of the CSOs, but encouraged them to make budget submissions that are economically viable matching with the country’s resource pool.

And speaking at the same event, Civil Society for Poverty Reduction (CSPR) Executive Director Patrick Nshindano has called for inclusive participation of the Civil Society Organizations and the citizenry towards the implementation of the 7^th national development plan contents.

Mr Nshindano notes that Zambians have concentrated so much on politics and shunned the economic fundamentals and principles, possible for the development of the nation.

He states that most of the country’s developmental aspirations have not been accomplished because the country has diverted its attention to politics instead of real issues affecting Zambians.

Mr Nshindano adds that the budget is the driving force of the 7NDP, and requires submissions from all stakeholders such as the citizenry.