Govt halts commercial borrowing

Former Minister of Finance FELIX C. MUTATI

CABINET has halted commercial borrowing to reduce deficits and accumulation of debt stock, Finance Minister Felix Mutati has said.

Mr Mutati said the decision is an expression of Government’s commitment to fiscal consolidation, restoration of policy credibility and debt capping, which is an interest that is allowed to fluctuate, but which cannot surpass a stated interest cap.

Currently, the national debt stands at (external and domestic) K114.9 billion, representing 47 percent of gross domestic product.
“Mr Mutati reaffirmed Government’s committed to continue on the path of economic stabilisation and growth,” he said in a statement issued by the ministry’s public relations officer Chileshe Kandeta…

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