AMBASSADOR MULENGA SALUTES FRANCE FOR BEING THE FIRST AMONG ZAMBIA’S BILATERAL CREDITORS TO SIGN THE DEBT RESTRUCTURING AGREEMENT
Paris, France – 19th December, 2024
Zambia’s Ambassador to France, Her Excellency Ms. Judith Mulenga, has saluted France for being the first bilateral creditor to sign a debt restructuring agreement with Zambia.
During a media briefing at the French Ministry of Europe and Foreign Affairs in Paris, Ambassador Mulenga expressed gratitude to France and urged other bilateral creditors to follow its lead.
“Zambia is very grateful to France, and we pray that other creditors follow France’s example, allowing our government and Republican President to focus on economic growth initiatives that would uplift the living standards of the people of Zambia,” she stated.
The Ambassador reiterated President Hakainde Hichilema’s commitment to meeting Zambia’s debt obligation while pushing an urgent economic development agenda and implementing prudent fiscal management. She informed the French media that while the debt contraction had been opaque the current government had been very transparent on the debt restructuring as it had kept the Zambian public well informed of the debt restructuring processes from the June 2023 Summit for a New Global Financial Pact to the signing of the debt restructuring agreement with France. Therefore, the Zambian public is aware of the collective responsibility of the nation’s debt burden.
Ambassador Mulenga further quoted President Hichilema as having described the nation’s commitment to repaying the debt as not just a financial necessity but a moral imperative. Consequently, she applauded France’s role in facilitating Zambia’s debt restructuring from co-chairing Zambia’s debt committee under the G20 framework to the signing of the bilateral debt restructuring.
Speaking during the same occasion, French Ambassador to Zambia, His Excellency Mr. Thomas Rossignol, noted that the bilateral agreement positions Zambia to access loan investments for development in the coming weeks, essential for the country’s economic growth, especially given the stable and positive economic indicators projecting a better outlook for 2025.
“The job is not yet done, the task now is to honor the plan and keep investing in the country for sustainable development, ensuring the benefits reach the entire population,” Ambassador Rossignol stated. He emphasized that France has paved the way for other creditors to join the restructuring efforts, highlighting the debt restructuring agreement as a testament to the power of multilateralism and the credibility of the G20-Paris Club Common Framework.
Ambassador Rossignol recalled that France’s support was provided without imposing conditions, positively responding to Zambia’s request for assistance under the G20 Common Framework.
The agreement signed between Zambia and France represents a significant advancement in implementing the recommendations from the Memorandum of Understanding (MoU) signed in October 2023 under the G20-Paris Club Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative. The finalized agreement sets the stage for additional agreements with other creditor countries, ensuring comparability of debt treatment that in turn would support Zambia’s economic recovery efforts.
Issued by:
Naomi Mweemba
First Secretary Press
Embassy of Zambia, Paris
Naomi.Ng’andu@grz.gov.zm