State cuts borrowing

MINISTER of Finance Margaret Mwanakatwe, flanked by daughter Chitalu and husband Mupanga Mwanakatwe, arriving at Parliament building to present the 2019 national budget yesterday. PICTURE: MACKSON WASAMUNU

GOVERNMENT will next year reduce domestic borrowing from the current four to 1.4 percent of the gross domestic product (GDP).
It will instead focus on broadening the tax base to attain sustainable and inclusive growth.
Minister of Finance Margaret Mwanakatwe told Parliament yesterday that the country is faced with higher debt obligations as past loans fall due, thereby constraining fiscal space for other expenditures.
“A predictable tax policy regime is vital in encouraging local businesses to expand while attracting new investments, both domestic and foreign,” she said.

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