Finance and National Planning Minister Situmbeko Musokotwane says Government aimed for a complete write-off of the debt, but creditors did not support the idea.
Instead, the country secured a 29-year repayment period, allowing for manageable payments.
Dr Musokotwane dispelled social media assertions that the country will pay around US$45 million stating that the correct amount is US$6 million to be serviced.
The minister said reviewing of the 2024 national budget is underway following a directive by President Hakainde Hichilema.
“President Hichilema has urged us to review the 2024 budget and reallocate resources from consumption expenditure to crucial areas such as good security, investment, and revenue generation to respond to the current state of the economy, ” he explained.
“Once concluded, the budget will be presented to parliament for ratification according to the finance public act.”
By Catherine Pule
Kalemba, April 5, 2024
