The Ministry of Finance has directed the Road Development Agency (RDA) not to sign new road development contracts, Secretary to the Treasury, Fredson Yamba has said.
Speaking when he paid a courtesy call on Zambia’s Ambassador to the United States, Palan Mulunda, Mr Yamba however said that the old contracts will continue to run, according to the government controlled Daily Mail
Yamba said Government will focus on fiscal consolidation and reduction in the deficit adding that Government will restrict its borrowing.
The statement did not specify the period of the ban.
Yamba is leading a delegation to the annual International Monetary Fund/ World Bank meetings taking place in Washington DC.
The PF has no money and has been failing to fund hospitals, councils and the military among other sectors.
The PF regime has been borrowing heavily for its so-called infrastructure development where insiders say corruption is rampant. All the roads and small bridges that have been worked on so far are on borrowed money and this has led to Zambia’s external debt souring to almost USA $ 5 billion. The internal debt is also very huge and PF is failing to pay local suppliers.
PF’s trick is very simple: borrow as much as you can, steal and build a few roads and bridges then win praise from myopic public meantime someone else will deal with the debt in future