Government says projected growth prospect for next year is attainable
Washington DC- Saturday October 11th, 2014
Government says projected growth prospect for next year is attainable.
Ministry of Finance Secretary to the Treasury, Fredson Yamba says projected growth prospects for 2015 is attainable.
Mr. Yamba observed that going forward government will focus on fiscal consolidation and reduction in the deficit adding that government will restrict its borrowing.
The Secretary to the Treasury is leading a delegation to the Annual IMF/ World Bank meetings taking place in Washington DC.
Mr. Yamba was speaking when he paid a courtesy call on Zambia’s Ambassador to the United States Palan Mulonda at the Zambian Embassy.
Meanwhile Mr. Yamba says the Ministry of Finance has directed the Road Development Agency not to sign new road development contracts. He said the old contract will meanwhile continue to run.
And Ministry of Finance Permanent Secretary Felix Nkulukusa said Zambia has conitnued to benefit from the International Develoment Assistance (IDA) resource envelope which transalated to about $100 million per year.
Mr Nkulukusa observed that in the past Zambia got conssesional loans at 0.75 per cent with 40 year payment period and a grace period for the first 10 years. The average amount was 300 million over a 3 year.
He noted that this had now been increased to over 400 million with a new reduced grace period 8 years and repayment period of 38 years as part of the IMF reforms.
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