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Action Aid Zambia (AAZ) has called on government to avail the debt contingent treatment conditions to the public for enhanced accountability and mutuality on public finance management.
Organisation Interim Country Director, Andrew Chikowore, said the extended maturity period of 20 years offers a great opportunity for government to effectively strategize for the sustainable development agenda.
Chikowore made the call in a statement issued in Lusaka on Monday following government’s successful completion of the debt restructuring negotiations with Bilateral and Private Creditors.
He said this help government prioritize efforts in education, health, agriculture, and social protection to reduce poverty by ensuring the provision of gender responsive public services to all citizens in an equitable and transparent manner.
Chikowore said the government should take advantage of the bilateral debt relief and three-year grace period to strategize for improved revenue generation through domestic resource mobilization mechanisms.
He said government should also take advantage of this situation by improving the national tax architecture and advance the sustainable progressive taxation agenda.
“Important sectors such as the mining, fisheries digital services and agricultural sector especially controlled by multi-national corporations are critical as sustainable resource envelope for the nation,” Chikowore said.
He said government should equally take steps domestically and within international tax arena to reduce illicit financial flows and tax abuse form multinational companies that have deprived the nation of much needed resources.
Chikowore said these resources would play an important role in providing public services to the citizens and servicing economic debts in the future.
“Granted, the US$6.3 billion restructuring breakthrough is a huge stride for sustainability, despite the remaining burden of US$6.8 billion stock of external debt – most of which is to commercial creditors,” he said.
Chikowore also called on the Ministry of Finance to avail its position, and progress on debt restructuring with commercial creditors.
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