By BUUMBA CHIMBULUGOVERNMENT has launched a tool which will tackle the accumulation of debt in local authorities, as it reviews the National Authority and Pensions Act to make it less punitive regarding statutory obligations.The Debt Management Strategy provides a framework for local level borrowing and debt management.Total combined accumulative debt for all local authorities as at June 30, this year stood at K2.8 billion.This level of debt is worrying and poses real challenges and risks to local authorities and associated institutions, said Finance Minister, Bwalya Ng’andu yesterday in Lusaka during its launch.Dr Ng’andu expressed concern that the debt level if not revised was potentially disruptive with far reaching negative consequences such as contributing to general macroeconomic instability and placing a huge financial burden on the Treasury.Dr Ng’andu explained that the document had been developed to liquidate existing debt, guide future of debt and ensure debt sustainability as well as enhance debt management capacity.To support the […]
Govt tackles rising debt in councils
