By SENIYA BANDAFINANCIAL institutions will commence the deduction of funds from civil servants’ salaries this June month-end following the cancellation of the debt swap, the Civil Servants and Allied Workers Union of Zambia (CSAWUZ) has disclosed.In September 2021, Government suspended the debt swap scheme and called for consultations on the matter which has led to its cancellation due to financial implications.CSAWUZ President Davy Chiyobe said following Government and stakeholders’ decision not to go ahead with the debt swap, civil servants have to pay monies owed to financial institutions through deductions which will commence next month.Mr Chiyobe said the union will start on a campaign to inform civil servants on the outcome of the consultation with the government on the debt swap.He said the reasons for ditching the debt swap were because Government needed about K5 million which was not in the budget pipeline.Mr Chiyobe said that the debt swap was a bogus arrangement which most […]
DEBT SWAP CANCELLED
