Government has been advised to seriously put up measures of controlling its expenditure to avoid budget deficits.
The advice to government come is the light of the revelation that the Ministry of Finance over spent by 12.4 percent in the month March on account of increased expenditure into infrastructure projects, from the planned K2.48 billion that was to be spent from of domestic revenues and grants but which rose to K2.87 billion.
And opposition Zambians for Empowerment and Development (ZED) president Frederick Mutesa has told Qfm news in an interview that his party’ concern over government over spending is particularly now that the Kwacha is losing ground against major currencies which has also caused the hike in fuel prices.
Dr. Mutesa says such budget deficits that are now recurring could have been avoided if the government listened to the pleas of the people to ensure that there is no unbudgeted for expenditures.
The ZED leader says his party is also of the view that while government considers contracting more international debts such as it has done with the US$ 1 billion sovereign bond it is also important an audit be conducted on the initial US$750 million Eurobond.
He says this is in order that the nation knows whether the borrowed funds are going into production or consumption.
The opposition leader notes going by the performance of the country’s exchange rate his party is also concerned that the country is not creating capacity to be able to pay back the money that is being borrowed through bonds being issued by government.