Wednesday, February 28, 2024

There is need to align Parliamentary oversight in debt contraction, Civil Society Organisations


Civil Society Organisations have reiterated their recommendations to the government on debt management.

Speaking at a media briefing hosted by the Consumer Unit Trust Society (CUTs) in Lusaka, the organizations have also called for the amendment of legal reforms such as the Loans and Guarantees Authorisation Act of 1994.

The organizations included the Consumer Unit Trust Society (CUTS), Civil Society Poverty Observation Group, WaterAid and Society Debt Alliance.

Speaking through CUTS Centre Director, Dr Claudia Pollen the institutions noted the need to align Parliamentary oversight in debt contraction.

Dr Pollen also emphasized the need for government to increase transparency and accountability and develop borrowing plans before contracting debt.

“Policy reforms are key to strengthen the debt management policy framework which include Debt Management Strategies and Debt Sustainability Analysis,” she said.

” The role of multilateral institutions such as the World Bank, IMF and AfDB is crucial because these are international problems that require international solutions as mult-ilateral institutions play a role in social and economic activities of the country”.

Dr Pollen also observed the need for productive sectors such as Mining, Agriculture, and Manufacturing to be given adequate support.

She explained that tax loopholes in the mining sector through illicit financial flows are the sector’s biggest challenge because the country accounts for 65 percent of the continent’s IFFs in copper.
“Agriculture has so much untapped potential that can not only help generate revenue but also create jobs and tackle poverty reduction, ” she said.

Dr Pollen further lamented the government’s lack of adequate engagement with CSOs to help communicate their work, as well as lack of a clear roadmap for DRM and Debt management.

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