Foreign Debt Almost $15 Billion

Finance Minister Situmbeko Muso has revealed to Parliament that external public debt sat at almost $15 billion as of June 2021.

In a statement to Parliament, Mr Muso said that debt had grown “uncontrollably” over the last 10 years, when the Patriotic Front government were in power. Each year, since 2012, government debt had continued to grow.

“National debt has grown uncontrollably since 2012. Year in year out, borrowing has been spiralling out of control even when each year, there were promises made to manage the national financial resources more prudently”, the statement read.

Mismanaged finances under the previous PF government “reflects one of the worst economic blunders during the last ten years and it has significantly contributed to the suffering we see today”, Muso added.

The Finance Minister was subsequently led to believe that rising debt was also the reason behind government inability to put graduates, teachers and doctors into important jobs within the country.

In spite of the economic crisis he is currently faced with, Muso was positive about the future economy of the country.

“We have an opportunity of a life time to transform the economy into one that grows strongly every year. From now onwards, the war cry will be economic growth, economic growth and economic growth.”