By GIDEON NYENDWA INFRASTRUCTURE and Urban Development Minister Charles Milupi says all the money borrowed by the United Party for National Development government since assuming office has been directed towards budget support. Mr. Milupi dismissed claims that there is nothing tangible to show for the borrowed funds, emphasising that Zambia has long been running a deficit budget, necessitating borrowing to bridge the gap between local revenue and the country’s expenditure requirements. Mr Milupi said the government had avoided contracting commercial loans, opting instead for concessional loans, which came with more favourable terms. “Those people contracted expensive debt and they failed to pay back debt,” he said. He noted this as a departure from the approach taken by the previous Patriotic Front administration. He also pointed to the adoption of the Public-Private Partnership model as a critical strategy for infrastructure development, ensuring projects are implemented without further straining the national budget. However, Mr. Milupi avoided disclosing […]
We borrow for budget support, says Milupi
