Finance Minister Situmbeko Musokotwane has said that Zambia is going to borrow $2.4 billion for 2022 financial.
Speaking when he appeared on ZNBC’s Sunday Interview, Dr. Musokotwane said that the money borrowed will be used to repay the $750 million Eurobond. The Minister clarified that in actual terms, the UPND Government is only borrowing $200 million dollars for consumption in the Health Sector.
Dr Musokotwane said that on the surface if it, it looks like the government has borrowed a lot of money, but in reality, there is very little that the UPND government has borrowed and the big chunk is used to refinance the current debt.
“That amount of money that we are talking about, $750 million, is actually money that we are going to borrow to pay off that first Eurobond which we got which is due next year. So we are actually refinancing,” Musokotwane said.
Below is the full interview