Zambia: Govt Seeks K10bn Supplementary Budget

President Edgar Lungu (file photo).

The Government has proposed a K9.8 billion supplementary budget to finance foreign and domestic debt repayment, the purchase of strategic food reserves, national security and foreign affairs, among other activities.

A total of K6.4 billion would be spent on external and domestic debt obligations to meet the higher external debt repayments due to depreciation of the Kwacha against the dollar and to cover shortfalls over maturities of Government securities.

Another K3.5 billion would go towards meeting the higher-than-projected external debt service made during the first half of 2019.

Proposing the motion on Wednesday in Parliament, Finance Minister Bwalya Ng'andu said Zambia's external debt servicing in the 2019 budget assumed against an exchange rate of K10.5 to one-dollar, which had risen to K12.3 to one dollar causing an increase in the 2019 debt servicing.

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