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Civil Society hail Zambia gov't plan to limit domestic borrowing

Xinhua, November 17, 2016 Adjust font size:

A consortium of Civil Society Organizations on Wednesday commended the Zambian government on its plans to limit domestic borrowing in the next fiscal year.

In his 2017 budget, Minister of Finance Felix Mutati said the government will maintain domestic borrowing to no more than two percent of the Gross Domestic Product.

The consortium, comprising of the Civil Society for Poverty Reduction, the Jesuit Center for Theological Reflection and Caritas Zambia, said the decision will reduce the crowding out of the private sector and allow for increased access to credit by the private sector.

There has been concern on the government's appetite to borrow from the domestic market, as this has disadvantaged the private sector.

The organizations further commended the government over plans to revise a law that governs debt contraction, saying this will ensure sustainable debt levels.

The finance minister said he will present before parliament proposed amendments to the Loans and Guarantees (Authorization) Act which provides for parliamentary oversight over the contraction of debt. Endit