Miles Sampa
CONGRATULATIONS PRESIDENT HH, THE FINANCE MINISTER & ZAMBIA 🇿🇲 FOR THE $6.3BN DEBT RESTRUCTURING DEAL CLINCHED
…Zikomo 🙏🏾 China for your favourable response on the matter
I join Hon Bowman Lusambo the senior member of the PF in commending President HH but I endovour to add the Finance Minister Dr Situmbeko Musokotwane for clinching Zambia’s ‘do or die’ debt restructuring deal.
It was delicate and required a lot of patience and tactical engagements at various top levels of the global community. Zambia’s good current foreign policy and diplomacy is yielding tangible results.
The 3 years extension on principle repayment will give Zambia the much needed room to breath and navigate out of the current economic challenges. It would have been good if some hair cut of some write off had need realized as well but as it is said ‘a bird in hand is better than two in the air’.
The important thing for now is that the first step has been accomplished, our creditors are on board and the IMF bailout package that was on ice can now commence. It will then trigger more FDIs and cheaper finances into Zambia for our private sector.
The 3 years gives the current government some time to come up with some self reliant economic ‘marshal plan’. We have no choice but to come up with the money to pay the debt in 2026.
The quickest source of tangible revenue for the government is already God given to us, but located undeground on Zambian soils. All our copper and gold mines need to start firing on all cylinders. These are KCM, Mopani, Kasenseli and indeed the sugirite mines fields in Luapula. No more time for ‘talk talk’ in this sector but action and results.
China is our biggest creditor and was key to the successful debt relief talks for Zambia. I thank them for playing ball in our favour.
Again, I join Hon Bowman Lusambo 😊…and other Zambians in congratulating President HH and the Finance Minister for good job done in Paris yesterday. Although there is a lot more you can do better on the domestic front, your foreign policy is commendable and shining example for majority countries in Africa and other continents. The $6.3 billion foreign debt restructuring deal is a milestone for Zambia 🇿🇲 and our great grand children.
Miles B. Sampa, MP
Opposition PF Presidential candidate
June 23rd, 2023