Government borrowed U$D57 million from international financial leading institutions to carry out various developmental projects to boost economic development in the country, Finance and National Planning Minister Situmbeko Musokotwane has said.
Dr. Musokotwane told parliament today that the money was sourced from international banks that were used to finance the procurement of crude oil from Arab countries.
The minister said the funds which government borrowed from these banks were used in the rehabilitation of roads infrastructure, water and sanitation projects in various sectors of the economy.
He was responding to a question raised by Chipili Member of Parliament (MP) Davies Mwila who wanted to know whether the Zambian government had at any time borrowed money from the Arab Bank for Economic Development and how much the mount was.
Dr Musokotwane said US$10 million was allocated for the rehabilitation of the Kitwe / Ndola road while an additional US$3 million was released for the completion of the project.
The Minister said eight other major projects benefited from the funds that government borrowed to improve the country’s road infrastructure, water and sanitation projects.
These included the re-capitalize of Development Bank of Zambia (DBZ), improvement of water and sanitation in Ndola, rehabilitation of the Mongu/Kalabo road including some projects in Luapula province.
Dr Musokotwane stated that government is committed to ensuring that it delivers infrastructure development to accelerate development in the country.
ZANIS
What sense is there in “Parliament” always having to be TOLD how much has been borrowed? The system is rotten. $57m. The same thuggery holds the purse, decides what phantom “projects” to concoct and just like that we are left holding the bag.
How much foreign debt has this government contracted in this short period- mainly so that certain should be frequent fliers?
The purse is public- it belongs to the people- and the people should decide- through their representatives, if we are a “unitary democracy”, how and on what to spend, when to borrow and how to account. In short, we cannot allow the vertical syphoning of our resources,and enriching greedy thievery- thru the “central bank”.
If there are any worthwhile projects- and there are should be many, they should brought before…
If there are any worthwhile projects- and there are should be many, they should brought before “parliament” and debated, and moneys properly appropriated, with heavy handed audits attached. Instead of having to be reported to, after the fact, that we borrowed $57, nothing is left, but ah, the road in Ndola took $10m plus another $3m… come on… this is so pathetic.
rehabilitation of the Mongu/Kalabo road including some projects in Luapula province.
The Luapula expense is for Chiluba’s campaigning.
That will chew some money for nothing.
The more reason why MMD should be shown a RED CARD next year. We have a collection of buffoons who can’t reason on how to make money internally, but instead rely only on borrowing. Am sure you all know that if we have even average thinking individuals in government, there is no reason to borrow such kind of moneys when we could have collected much more from our own Mines.