CTPD OPTIMISTIC ZAMBIA WILL SOON HAVE ITS DEBT RESTRUCTURED
By Balewa Zyuulu
The Centre for Trade Policy and Development CTPD is positive that Zambia will within the shortest period of time achieve the conclusion of the restructuring of the nearly $15 Billion external debt.
In August this year, Zambia won International Monetary Fund-IMF- approval for a $1.3 Billion, three-year loan programme to help it restructure debts which the government said stood at $14.87 Billion at the end of June 2022.
CTPD Head Researcher Boyd Muleya says although the restructuring process has been at a slow pace, it is expected that it will be much quicker and will reduce the country’s official debt burden once the Memorandum of Understanding is signed that spells out the terms and conditions of the restructuring.
Mr Muleya tells Phoenix News that government must now intensify negotiations with its creditors in order to accelerate negotiations and push to finalize the agreement early next year.
China and France have led a series of meetings in recent months to re-negotiate Zambia’s bilateral debts under the common framework created by the group of 20 major economies and the Paris club of official creditors, but progress has been halting.
PHOENIX NEWS
