By 
There is need for government to work with opposition political parties to develop a Public Debt Management Bill.
United Prosperous and Peaceful Zambia (UPPZ) president, Charles Chanda, said this in a statement in Lusaka on Monday.
Chanda is hopeful that together, the leaders of Zambia can come up with a Public Debt Management Bill that would set strict limits on public borrowing.
He said this would enhance transparency and avoid any future debt distress.
He said the lawmakers would be required to approve an annual borrowing plan prepared by a new debt management office.
Chanda said the UPPZ already had a dummy of the Public Debt Management Bill, which sets the total government borrowing limit to 65 percent of the previous year’s Gross Domestic Product (GDP).
“Zambia cannot afford to fall into another debt trap in the future, I urge the opposition parties and the government to work together to avoid another crisis.
“The public debt management bill spearheaded by UPPZ is a significant step towards implementing strict measures to curb public borrowing.” Chanda said.
He called on all stakeholders to support the Public Debt Management Bill as it was set to usher in a new era of financial accountability and transparency in Zambia.
“Our party has been advocating for stringent public debt management laws to avoid falling into another debt trap. We believe that this bill will put Zambia on the right path, ensuring transparency and accountability in public borrowing,” Chanda said.
He urged Zambians to remain hopeful, assuring them that the UPPZ was committed to safeguarding the future of the country.
“We must all come together in times like these to ensure a better future for our children and our children’s children,” Chanda said.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments