Opposition MPs fight to stop PF irresponsible borrowing

Opposition MPs fight to stop PF irresponsible borrowing

PARLIAMENT12The opposition has tabled a private members motion in parliament that seeks to cut the powers of the Finance Minister from being the sole signatory of foreign debt.
The motion, which was tabled by the opposition through Chipangali MP Vincent Mwale (MMD) yesterday, is looking at ways of ensuring that in future, legislators have a legal say in accruing debt in order to increase oversight and transparency.
Mr Mwale argued that Zambia is sliding into serious debts that could affect the country negatively in the near future if it is not ‘slowed’ down now.
“We want transparency in contracting external debts. Bring it to Parliament so that members can have a say,” he said.
Mr Mwale said the MMD government was moderate in the way it borrowed.
He accused the PF government of sky-rocketing the external debt in just two years of being in power.
In seconding the motion, Choma Central MP Cornelius Mweetwa (UPND) said loans contracted by Government affect the whole nation and hence the reason people’s representatives must be involved.
Mr Mweetwa said Zambia lacks legal capacity to manage external debts and that there is need to put in place an Act of Parliament to control borrowing.
He said the motion is non-controversial and therefore needs support.
Solwezi Central MP Lucky Mulusa (MMD) said the motion presents an opportunity to safeguard posterity and avoid locking the younger generation into a future debt they did not accrue.

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