President Hakainde Hichilema says Government will only borrow with the approval of Parliament this year, onwards.
President Hichilema says this decision will henceforth be backed by the law when a bill is passed in parliament.
Speaking during a plenary session during the Special Meeting for Heads of Quasi Government institutions in Lusaka this evening, Mr Hichilema said borrowing will only be done by his government for investment and not consumption.
“We will have to put a law, it’s not yet law, the loans contraction bill. We will not borrow without Parliamentary oversight going forward,” he said.
He has thus directed heads of Quasi Government institutions to comply with Government’s desire to stop being extravagant.
Stressing that life of extravagance is among reasons why Zambia is indebted, President Hichilema called for prudence in the way statutory bodies manage resources.
Mr Hichilema asked them ( Heads of Quasi government institutions ) to always remember that their institutions run with public resources.
The President also directed that the contracts made during procurement processes need to be re-designed to ensure that they work closely with the private sector.
Stating that the Public Private Dialogue Forum ( established recently ) is a vehicle they should use to attain the partnership, Mr Hichilema said his administration is on the verge of success, however to attain this, input from all stakeholders is required.
He said citizens are eager to see the much needed results hence the need for hard work.
Meanwhile, Quasi Government heads have been asked to submit to the President reports of recommendations from the respective institutions in ten days’ time.
The reports will submitted to the Acting Secretary to the Cabinet’s office.
Acting Secretary to the Cabinet, Patrick Kangwa confirmed this during the closing ceremony of the Special Meeting.