The Finance ministry in Africa’s second largest copper producer on 02 moved a motion in parliament seeking approval for K9.8billion in supplementary budget.
Head of governments fiscal unit Dr. Bwalya Ng’andu informed parliament that his ministry was seeking approval for K9.8billion to meet outstanding debt obligations and arrears outstanding. This would come from reallocation of various budget lines across the other ministries, he said.
Dr. Ng’andu a former central banker recently took over from Margaret Mwanakatwe a seasoned commercial banker and is faced with a mammoth task of restoring Zambias fiscal fitness amidst economic challenges the copper producer faces such as rising domestic and external debt.