The opposition Democratic Progressive Party (DPP) is expressing fears that the government’s excessive borrowing could result in public debt climbing to K14 trillion by 2025.
In a statement, DPP spokesperson Shadreck Namalomba states that the Tonse administration has already borrowed K5.1 trillion in three years, pushing the public debt to over K9.2 trillion.
The former ruling party said foreign exchange scarcity and other economic challenges are emanating from adoption of bad policies and high-level corruption in government.
This, according to Namalomba, is resulting in reckless appetite for spending and borrowing which is ballooning the public debt and worsening the debt situation.
“In the past four fiscal years alone, the government has borrowed in excess of K5.1 trillion, (K813 billion in 2020/21, K825 billion in 2021/22, K1.3 trillion in 2022/23 and K2.2 trillion in 2023/24) bringing the total public debt to K9.2 trillion, up from K4.1 trillion at the beginning of the Tonse Alliance Administration,” reads the statement.
It added that; “at this rate, by the time we go to the next general elections in 2025, public debt will be hovering around K14 trillion, with over K10 trillion having been accumulated in 5 years by a single term of Tonse Alliance Administration.”
In reaction however, Information minister Moses Kunkuyu said DPP is partly to blame for laying foundation of the economic challenges that are haunting the country now.
The government chief spokesperson argued that the DPP regime left a US$800 million loan facility with the Afreximbank when leaving office in 2020 –the remarks the party strongly denies.