Lusaka, 12 September, 2022 / 8:56 pm (ACI Africa).
Members of the Zambia-based Jesuit Centre for Theological Reflection (JCTR) have lauded the Southern African nation’s “interventions” toward sustainability of national debt.
In a September 8 statement shared with ACI Africa, JCTR officials highlight the launch of the Eighth National Development and the approval of the International Monetary Fund (IMF) loan as some of the significant strides the Zambian government has made toward the country’s economic development.
“JCTR recognises that the above interventions remain a step in the right direction in as far as returning the nation to a path of debt sustainability,” they say in the statement shared with ACI Africa.
The Jesuit scholars add, “As one can learn from Zambian economic history, elevated debt levels have ravaged economic growth and limited the ability of governments to provide fiscal stimulus.”
They urge the government to prioritize agenda that is focuses on “the stability of key macroeconomic fundamentals, which have a direct impact on the cost of doing business, particularly in an import-dependent country like Zambia.”