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We borrow for development

MALANJI

NKOMBO KACHEMBA, Kitwe
GOVERNMENT is not borrowing for consumption but to foster development in all sectors of the economy, Minister of Foreign Affairs Joseph Malanji has said.
Zambia’s public external debt as at the end of June stood at US$9.37 billion, representing 34.2 percent of gross domestic product (GDP) against the threshold of 40 percent.
Domestic debt was US$5.87 billion, representing 18.9 percent of GDP.
Mr Malanji said development is not cheap and, therefore, Government has to borrow to meet its expenditure on development projects.http://epaper.daily-mail.co.zm/

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