Account for Eurobond, State told

Thu, 25 Jan 2018 17:53:53 +0000

By BUUMBA CHIMBULU

 THE Economic Association of Zambia (EAZ) has demanded for a systematic reporting from Government on how the three Eurobonds have been utilised as they think of repayments.

EAZ president, Crispin Mphuka, observed that there was currently no clear and systematic reporting from Ministry of Finance to state how the money from the Eurobonds had been utilised.

What have the Eurobonds been used on? There is no systematic reporting to see how the money was utilised, they need to account for it,

“We need to know exactly how the money is used, that is always the interest, it is not just how to repay, it is what was the money was used, that is the question on every Zambian mind,” Dr. Mphuka said.

Dr. Mphuka said in an interview that the association was interested in knowing how the money had been utilised and that pointing out certain parastatals as having benefited from the funds was not enough.

“As an association, that is definitely our interest to see if we are borrowing, then what are we using the money for, what will Zambians been paid for,

“That is very important. We all need to know because we are the tax payers so we need to know that and as an association, we take keen interest that Government will be transparent in the way they report on these money on how they are disbursed,” he said.

Zambia currently has three Eurobonds-the US$750 million, US$1 billion and US$1.25 billion, all falling due between 2022 and 2027 and respectively.