President Hakainde Hichilema says the country’s treasury is empty.
Mr Hichilema said this is the reason the country has been failing to service its debt because there is no money in the treasury.
The President attributed the empty treasury to heavy consumption and wastage of public resources.
Mr Hichilema said there is urgent need for a progressive budget that will realign management and usage of public resources away from consumption and wastage to revenue generation and investment in social and economic sectors.
The Head of State said this when he swore- in United Party for National Development ( UPND ) Liuwa Member of Parliament Situmbeko Musokotwane as Minister of Finance.
This will be Dr Musokotwane’s second stint as Minister of Finance, having served in the portfolio in the Movement for Multi-party Democracy (MMD) administration over ten years ago under former President Rupiah Banda.