Govt releases K147.8 million for debt service obligations

The Ministry of Finance has released 147.8 million kwacha statutory expenditure towards the October 2013 debt service obligations.

Out of the 147.8 million kwacha statutory debt service funding that has been released, 80.2 million kwacha is allocated to multilateral external creditors and 67.5 million kwacha is for interest payments for the internal debt while 67.5 million kwacha is for interest payments on government bonds and treasury bills.

The treasury has also released 15 million kwacha to help dismantle some outstanding domestic arrears owed by government to various suppliers of goods and services, and a further 11 million kwacha for arrears accrued by entities under the Ministry of Youth and Sport.

And Secretary to the Treasury Fredson Yamba has maintained that Zambia will continue to honour its constitutional and statutory debt obligations.

Mr. Yamba says this is to ensure that the sound macro-economic policy frame and enabling environment which has been created for both local and foreign Investments is not eroded by poor statutory debt repayment conduct.

This is contained in statement released to Qfm by Ministry of Finance public relations officer Chileshe Kandeta.