ZAMBIA’S DEBT ROSE BY OVER $13 BILLION FROM 2006 TO 2022

By Prudence Chota

An audit report released by the Auditor General on the stock of Zambia’s’ external debt increased from $1.02 Billion in 2006 to US$14.07 Billion in 2022, among other significant financial discrepancies and irregularities.

Acting Auditor General, Ron Mwamba, who released the report on Tuesday, has revealed weaknesses in the contraction of external debt, with the government signing seven contracts in amounts totaling over 958 million dollars to finance various projects from 2014 to 2019.

Notable discrepancy and irregularities is a contract for the supply of school requisites between the Ministry of Education and Mikalile Trading Company at a total contract sum of 402 million United States dollars on 27th October 2017.

The audit report states that the contract was over quoted by $60 million (US) with interest that was supposed to be over $78 million (US) pegged at over 138 million dollars.

Mikalile Trading Company proprietor, Stephen Mulenga Mikalile, says he is studying the content of the auditor general’s report in which he has been cited in varies financial irregularities.

Mr. Mikalile was, however, quick to say that at no point did he supply defective computers and Laptops to schools.

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