Information and broadcasting PS happy with debt swap

 Information and broadcasting PS happy with debt swap

Ministry of Information Permanent Secretary Amos Malupenga has expressed happiness that the process to start the debt swap which started over three years ago has finally taken off.

Mr Malupenga also urged employers that acquired loans through the third party to avail their information to Government so that they can benefit from the debt swap initiative.

“Once information is collected government will analyze the data so that it can establish how much financial institutions are owed, over sixty thousand civil servants have had their debt swapped,” he said.

Mr Malupenga said this will then enable Government to restructure the debt.

“Government has received requests from parastatals and other institutions to have their debt swapped, there are three categories that will have to be included on the debt swap and will be carried out in a phased approach, and the debt swap is a labour matter and not a political issue which was proposed by the labour unions,” he said.