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No new road contracts, RDA told

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.
In a statement released in Lusaka by First Secretary for Press at the Zambian mission in Washington Patricia Litiya,  Mr 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.
Mr Yamba, who is leading a delegation to the annual International Monetary Fund/ World Bank meetings taking place in Washington DC,  also said projected growth prospects for 2015 are attainable.
And Ministry of Finance Permanent Secretary Felix Nkulukusa said Zambia has continued to benefit from the International Development Assistance resources envelope which translated to about US$100 million per year.
Mr Nkulukusa observed that in the past, Zambia got concessional loans at 0.75 per cent interest with 40 year payment period and a grace period for the first 10 years.
“The average amount was US $300 million over a 3 years, but it has now been increased to over US$400 million with a reduced grace period of eight years as part of the IMF reforms,’’ he said.

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