His Excellency Michael Chilufya Sata writes Good morning friends. Yesterday when I gave the preliminary data on our country’s economic outlook visa vis the real GDP growth; a few of you raised concern on the perception that our country is slipping into a huge debt crisis. My assuring response to your genuine concerns is that the country’s debt is VERY sustainable over the medium to long term. Consistent with the analysis done earlier, the IMF debt sustainability analysis (DSA) conducted in 2012 shows that Zambia’s debt is sustainable. In this regard, our country’s risk of external debt distress remains low as all debt indicators are below the indicative policy thresholds throughout the projection period of 2012 to 2032. However, I want to agree with the proposal for us to monitor the growth of our debt, particularly non-concessional borrowing to ensure continued debt sustainability. Let me also emphasize that ALL the borrowing done so far has been for the improvement of our infrastructure, which will ultimately boost economic growth, increase revenue collection and improve the living standards of our people. This Government has never borrowed for consumption but only for capital investment. With this, I can assure you that Zambia will never be same after this infrastructural revolution, since more areas and regions are opening up for trade and investment thereby enhancing the trickle down effect to all our people especially those in RURAL areas. Have a good weekend and I hope you all went to CHURCH.
Posted on: Sun, 19 Jan 2014 11:27:22 +0000
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