Role of Parliament in Public Debt Management in Zambia

This document is a report that examines the role of Parliament in public debt management in Zambia. It outlines the significant challenges Zambia has faced regarding high debt levels, which have constrained fiscal space and limited resources for essential social and economic investments. The report details the historical context of Zambia's debt profile, including the implications of unsustainable debt levels declared by the International Monetary Fund (IMF) and the subsequent debt restructuring efforts. The study evaluates the legal and institutional frameworks governing debt management and highlights the critical oversight role of Parliament in ensuring debt sustainability. It identifies key impediments to effective parliamentary oversight and provides recommendations for strengthening this oversight, including enhancing legal frameworks, improving transparency, and building the capacity of Parliament to engage with debt management issues. The report emphasizes the need for a collaborative approach involving various stakeholders to safeguard Zambia's fiscal health and ensure sustainable debt management practices.