Euro bond strictly for development –Yamba

The Ministry of Finance has disputed reports suggesting that it intends to use funds obtained from the Euro bond to finance the PF election campaigns ahead of the 2016 general elections.

Secretary to the Treasury Fredson Yamba says the Euro bond funds are strictly for financing ongoing infrastructure projects being undertaken across the country.

Mr. Yamba says government is currently undertaking infrastructure projects in the Transport, energy and other social sectors.

He says the Ministry of Finance has already recieved submissions from the Electoral Commission of Zambia ECZ , requesting the Ministry to include budget provision for the 2016 general elections.

Mr. Yamba was speaking in an interview with ZNBC News in Lusaka on Wednesday.

Meanwhile, Mr. Yamba said the Ministry of Finance under its Treasury department will see how best it can meet the shortfall in budgetary allocation for maize purchase by the Food Reserve Agency.

This follows President Edgar Lungu’s directive to FRA to increase the price from 70-kwacha to 75-kwacha per 50 kilogram bag of maize.

Mr. Yamba said under the current budget, the treasury had projected to buy 500-thousand metric tones of maize at a cost of 70-kwacha per 50 kg bag.

Yesterday , President Edgar Lungu directed FRA to increase the purchasing Price for maize from the current 70-kwacha to 75-kwacha per fifty kilogramme bag.

The President also asked the treasury to mobilise more money to reward farmers for their work.