There is need for government to change the legal frame work on debt acquisition in order to avoid debt escalation, a consumer body has noted.
Consumer Unity and Trust Society Programmes Officer, Kangwa Muyunda says the legal frame work is significant in providing rules and regulations of debt acquisition.
Ms. Muyunda says that high debt levels in the country is leading to challenges in the economy which is resulting in high unemployment levels and the increase in prices of goods and services.
She was speaking during a multi-stakeholders meeting on Public Debt Legal Framework held under the theme ‘Examining Zambia’s Public Debt Legislation.’
Speaking at the same event, Independent Researcher Florence Muleya noted the need for government to amend the Loans and Guarantees Authorization Act adding that debt acquisition should be debated in Parliament
Meanwhile, Ministry of Finance Permanent Secretary for Budgeting and Economic Affairs Mukuli Chikuba said stated that there is still room to improve the Loans and Guarantees Authorization Act.