The Patriotic Front’s appetite for borrowing is getting bolder with Finance Minister Alexander Chikwanda presenting a motion to Parliament to allow for the increase of the amount outstanding.
Chikwanda seeks to increase the external debt threshold from K20 billion to a staggering K30 billion rebased currency.
The PF government seeks to amend section 3 of the Loans and Guarantees (Authorization) Act 366 of the laws of Zambia and Chikwanda has asked Parliament to support the move at a time President Michael Sata is being advised to halt the excessive borrowing.
Zambia is slowly steeping into a debt trap with various civil society organizations voicing their concerns.
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