Excessive external borrowing by PF government an indication of lack of priorities- Hichilema

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PF leader Michael Sata with his UPND counterpart Hakainde Hichilema
PF leader Michael Sata with his UPND counterpart Hakainde Hichilema
United Party for National Development (UPND) leader Hakainde Hichilema says the excessive external borrowing by the patriotic front government is an indication of lack of priorities and concentration on areas of expenditure.

Mr. Hichilema says the PF is borrowing in order to award contracts to party allies.

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He says it is unacceptable for the country to continue borrowing at the current rate when the country is coming out of the debt burden which was diverting resource from development to debt servicing.

Mr. Hichilema says the patriotic front government wants to take the country back into the debt crisis.

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He adds that it is risky for the country to have a debt of close to five billion dollars in two years when it took decades for the country to have a 7.3 billion dollar debt, written off.

On Wednesday secretary to the treasury Fredson Yamba said Zambia’s current external debt and domestic debt levels still remain below the international thresholds of 40 and 25 percent respectively.

Mr. Yamba disclosed the country%u2019s external debt is slightly over $3 billion.

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