Development and Social Issues in Africa

Friday, November 27, 2015

CSPR WELCOMES PRESIDENT LUNGU’S AUSTERITY MEASURES TOWARDS ECONOMIC & FISCAL CONSOLIDATION



Brenda Zulu 

The Civil Society for Poverty Reduction welcomes the measures by his Excellency President Edgar C. Lungu to cut on non-core government expenditure during his press briefing held at state house on Thursday 26th November 2015. 

In a Press Release, Nshindano Patrick Kryticous Executive Director, CSPR said the current economic situation is of great concern to every Zambian as the downturn affects every household but especially those already vulnerable. The recent presented 2016 budget, being the primary statement for economic and social development, has clearly demonstrated the dire situation in which the country now finds itself. 

It is the considered view of CSPR that with prudent macroeconomic management, a reining in of consumptive expenditure and strong political will, a considerable turnaround is possible in the short to medium term with profound gains for the long term.

We therefore call on government and implementing agencies to ensure that the presidential speech is actualised and they walk the talk and does not become another political show.

We further call on the government to Contain foreign borrowing (including the Chinese loans) to reduce on the cost of repayments while also reducing domestic borrowing to free some funds for private sector lending and induce the lowering of interest rates. This fiscal measure will complement the effectiveness of monetary policy to cushion the erosion of the Kwacha’s value.


CSPR is a civil society anti-poverty advocacy network working for pro-poor development in Zambia whose vision is; "A Zambia where its entire people enjoy all basic needs”

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