Thursday, May 30, 2024

Increased foreign borrowing limit worries JCTR

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The Jesuit Centre for Theological Reflection (JCTR) has warned that the country runs the risk of falling back into the debt trap following the decision by Parliament to increase government’s borrowing limit.

JCTR Director Fr Leonard Chiti has tells Qfm that Zambians are not against borrowing by government but that what they are against is irresponsible borrowing.

Fr. Chiti says if the country needs extra resources and finances for development purposes there is nothing wrong, but that what is wrong is to borrow with hidden agendas.

He adds that government should always explain to the people the need to borrow and the use for the money being borrowed, stating that borrowing is a threat to the country’s future.

Fr. Chiti says government should also be in a position to ascertain the country’s capacity to pay back the debts being acquired and be mindful of the future consequences of borrowing.

Fr. Chiti has further urged the government to be transparent in their borrowing and make sure that what is being borrowed is used for the intended purposes.

Parliament on Wednesday approved a proposal to allow government to increase borrowing from K20 billion to K35 billion.

11 COMMENTS

  1. True, we need to develop and strengthen our oversight institutions to deter that irresponsible borrowing.

    Other than that we are sunk

    • JCTR Director Fr Leonard Chiti has tells Qfm that Zambians are not against borrowing by government but that what they are against is irresponsible borrowing.

      Who was writting this? Honestly ‘ Has tells Qfm? Yaangu

  2. nasla group all company that is foreign people. That owner just mak money and care only to self. All incom send out country not save in zambia. That people just like money
    Not respict zambia people
    Not care
    Every day foce labour
    The are foolish people
    That owner cheater and lie so many labour hold money and passport
    Management non technical

    product soft touch lotion cream jelly danger for the skin
    Pleas tak care of that company.

  3. The poaching of MPs that pf had engaged in to enable her have a majority in parliament is a actually a trap as it has muted checks and balances from the weakened opposition. When Obama picked Biden for VP he stated that it was necessary for him to have somebody who could challenge him. The need to finance the so many unplanned projects is driving us into this over borrowing which will undoubtedly lead to the collapse of our economy. PF HAS BECOME A UNIP REPLAY.

  4. Thanks father Chiti for speaking against pf wanton destruction of the country by wanton borrowing which be a burden on future generation.
    I’m dismayed by silence from Ruben lifuka, goodwill lungu, Susan matale etc who used to condemned mmd night and day. Posterity will judge you harshly.

  5. It’s like a civil servant whose salary is K4 000 and getting a loan of K500 000 payable in 5 yrs with monthly payment of K6 000.

  6. JCTR Director Fr Leonard Chiti has tells Qfm that Zambians are not against borrowing by government but that what they are against is irresponsible borrowing.

    Who was writting this? Honestly ‘ Has tells Qfm? Yaangu

  7. Fossil Leaders for sure, what do u expect from the likes of President Sata himself, the Chikwandas of the this world, Scott and many more ? They are just there to lead Zambia into another debt trap which will be very difficulty to pay back.

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