By SHERRY CHABALA
ECONOMIST Kelvin Chisanga has said the recently signed Memorandum of Understanding (MoU) between Zambia and its official creditors has put Zambia on a strategic road map to moderate the Public Finance Management Act in line with the International Monetary Fund (IMF) prescription.
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Mr Chisanga says the signed MoU is also in line with the Eighth National Development Plan (8NDP) and vision 2023.
Mr. Chisanga said it was pleasing that the Memorandum of Understanding which had been drawn had prescribed clear terms of the deal in writing, which would act as a key guiding pillar to Zambia’s debt management patterns.
Mr. Chisanga told Millennium TV that the debt restructuring deal would deliver to Zambia the much-needed fiscal space the country needed as it embarked on its economic recovery trajectory.
He said it was commendable that the UPND government was deliberate about ensuring that Zambia’s debt situation changed for the better.
He has highlighted the strides being made by government which he said were expected to reduce pressure on deliverables by offering manageable external debt servicing reduced by 33 percent from K18 billion in 2023 budget to K6 billion of the projected budget of 2024.
Mr. Chisanga is hopeful that Government will reach an agreement with all stakeholders with the private creditors to charter a similar path as the one negotiated with the bilateral partners.
He said he was hopeful that the agreements with all the private creditors would be sealed before the end of the calendar year in order to allow the next years’ financial budget to operate smoothly without facing any challenges.
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