UPND leader Hakainde Hichilema has said shortfalls in tax revenue collections, intensification of corruption and heightened debt vulnerabilities continue to narrow the fiscal space to grow the country’s conomy.
He said the situation has also made it difficult for government to provide jobs, especially for the youth.
He said the country risked reaching a precarious point at which a disorderly fiscal adjustment becomes inevitable at the current pace.
Mr Hichilema proposed that Zambia must not waste any more time in using the narrow window of opportunity that remains to revive the economy.
He has also implored government to revise the 2020 Budget and undertake necessary reforms to make a real impact on lowering runaway expenditure.
“Of great concern to us is that government expenditure continues to rise in the context of significant revenue shortfalls yet without major changes to the National Budget. The government recently announced that while revenues have fallen by K20.8 billion, expenditures have risen by K20.0 billion, including an increase in debt service by K8.7 billion. Current measures to address this shortfall do not go far enough. We implore the PF Administration to revise the 2020 Budget and undertake necessary reforms to make a real impact on lowering runaway expenditure,” Mr Hichilema said.