Sun, 24 Dec 2017 12:09:30 +0000 By CHARLES MUSONDA THERE is nothing wrong with the nation borrowing but there is need to manage the debt levels in a sustainable manner, the Civil Society for Poverty Reduction (CSPR), has observed. Recently, Minister of Finance Felix Mutati insisted that Zambia had no choice but to contract foreign debt to fight the country’s high poverty levels. In an interview in Lusaka yesterday, CSPR executive director Patrick Shindano said debt was dangerous to poverty reduction if it was not well managed. Mr. Shindano said debt took away social investment and Zambia was nearing debt distress because of the debt level which had hit 57 percent of the Gross Domestic Product (GDP). “That is extremely high and debt repayment is accounting for 20 percent of the 2018 National Budget. The room that remains to invest in the social sector, in terms of resource envelope, becomes very minimal. Most social sector spending […]
