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Zambia mulls tackling fiscal deficit

Xinhua, September 23, 2016 Adjust font size:

The Zambian government said Thursday its priority will be to reduce fiscal deficit with a view to reduce borrowing.

According to figures from the Ministry of Finance, Zambia's total public debt currently stands at 9.75 billion U.S. dollars, with 6.05 billion dollars being foreign debt and 3.7 billion dollars being domestic debt.

Stakeholders have expressed concern that the country could plunge into another debt trap unless the government reduces its appetite to borrow.

Minister of Finance Felix Mutati said the key objective of reducing fiscal deficit was to put in place measures to reduce subsidies and enhance economic activity.

The government, he said, will work closely with the Central Bank to normalize fiscal conditions and develop a roadmap to gradually dismantle debts it owes to suppliers of goods and services.

Speaking at the start of an annual conference on banking and finance in Lusaka, the country's capital, the finance minister said the government will not tolerate fiscal indiscipline from government spending agencies as it tries to improve the economy.

The two-day conference, organized by the Zambia Institute of Banking and Financial Services, is being held under the theme "Financial Inclusion - Exploring Regional Best Practices". Endit