MAFINGA member of parliament, Robert Chabinga has applauded the Zambian government’s successful debt restructuring with Eurobond holders, viewing it as a step towards economic stability.
“Following Zambia’s successful debt restructuring with Eurobond holders, we’ve noticed that President Hakainde Hichilema’s administration has initiated a comprehensive series of reforms aimed at stabilising the nation’s economy and bolstering investor confidence,” Chabinga said in a press statement issued on Thursday.
Chabinga acknowledged the challenges posed by past economic mismanagement, but remained optimistic about the future.
“Such economic reform is extremely pivotal in navigating the challenges posed by fiscal deficits and the unsustainable debt burdens inherited from the previous administration,” he stated.
The MP outlined key areas for continued reform such as fiscal responsibility, sustainable debt management and transparency and accountability
“The administration should implement prudent fiscal policies to curtail government spending and diminish budget deficits,” Chabinga urged.
He also highlighted the need for “equitable taxation and the creation of an investment-friendly environment” to boost revenue generation.
Chabinga stressed the importance of “debt transparency and accountability” and ensuring borrowed funds are directed towards development projects, particularly in rural areas.
He also praised President Hichilema’s commitment to strengthening financial institutions.
“I commend the Republican President Mr. Hakainde Hichilema on his unwavering commitment to strengthen financial institutional frameworks and governance mechanisms that will result in government spending only on necessary and needful areas of the national economy; combat corruption and prevent the misuse of public funds,” said Chabinga.
He called for a robust financial management systems, transparency in government procurement, and citizen participation in budgeting processes.
He believes these reforms, coupled with the debt restructuring, will pave the way for a stable and prosperous Zambia.
By Moses Makwaya
Kalemba March 29, 2024
