Negative sentiments likely to worsen debt situation- Fundanga

Zambia's Central Bank Governor Caleb Fundanga gives a briefing on monetary policy implementation and its outcomes in the first quarter of 2010 in Lusaka May 13, 2010. REUTERS/Mackson WasamunuFormer Bank of Zambia Governor, Caleb Fundanga has warned that negative sentiments have a likelihood of worsening the countrys debt situation if left unattended to.

Speaking at a public debt indaba under the theme addressing Zambias economic challenges for a stronger future, Dr Fundanga says the speculation on the countrys current debt situation is as a result of lack of effective communication from government.

And Dr Fundanga has implored the business community to stop bad mouthing international lenders such as the International Monetary Fund (IMF).

He has also stressed the need for the country to strengthen its ties with other countries offering financial assistance including China.

He however, notes that the China/Zambia relationship currently is not benefiting the ordinary people in view of the conditions attached.

Dr Fundanga has further called for the urgent need to publicize the terms and conditions of Chinese loans in order to explore ways of how future debt can be contracted without undermining the future growth of private business.

Speaking at the same event, Ministry of Finance Permanent Secretary for budgetary and economic affairs, Dr Emmanuel Pamu says government remains committed to addressing emerging threats to the advancement of its development agenda, including rising debt and vulnerabilities in public financial management.

And Civil Society for Poverty Reduction (CSPR) Executive Director, Patrick Nshindano is hopeful that the Indaba will come up with solutions to the current debt situation in the country.

 

 

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