The opposition party has, however, cautioned against “irresponsible” borrowing which it said could trigger a slump in the economic growth.
UNPD deputy spokesperson Edwin Lifwekelo has since called on Patriotic Front (PF) ministers and Permanent Secretaries to support President Michael Sata’s efforts to achieve greater economic and social gains.
Mr Lifwekelo said in a statement in Lusaka yesterday that the Government should move away from what he termed irresponsible borrowing and instead raise revenue through available fiscal measures.
He said the UPND had observed that the PF projected Gross Domestic Product (GDP) growth rate of seven per cent per annum was too low and inadequate to provide a meaningful impact needed to create employment, reduce poverty and improve people’s living standards.
Mr Lifwekelo said the economy was showing tremendous signs of recovery, but cautioned that the PF Government’s approach to balancing the Budget through borrowing would lead the country into another debt trap.
He said the reintroduction of windfall tax could help create more jobs and reduce poverty.
“It is also UPND’s considered view that more measures are necessary to lower the cost of loanable funds to interest rates for an average business or individual person to borrow,” he said.
He said this would trigger increased economic activity and help create real jobs for Zambians.