Total Government debt at K19m

The total Government debt outstanding in the September quarter of 2016 was K19, 440.7 million, K182.5 million higher than in the June quarter of 2016.

Central Bank Governor in his September Quarterly Monthly Bulletin revealed that the domestic loans increased while external loans decreased.

He said the increase in domestic debt was largely attributed to net new issuance of Government securities, while the decrease in external debt reflected the loan repayments.

Bakani further added that the total amount of Government deposits at the depository corporations increased by K146.2 million to K2,652.7 million in September 2016, compared to June 2016.

In regard to the fiscal operations of the National Government, Bakani explained that both revenue and expenditure have been lower than budgeted for 2016, with the decline in revenue more substantial due to low commodity prices and low tax collections.

However, he said the Government is commended for its timely action in introducing a Supplementary Budget in August 2016 to address the budgetary situation and tighten up on expenditure.

Freddy Mou