By Amb. Emmanuel Mwamba
Debt write-off Vs Debt Reschedule
We are all waiting for a comprehensive statement to enlighten us on the details on this debt deal announced in Paris.
But what is clear is that China came through and gave a 20-year reschedule. The private lenders are yet to come to the party. If we went to China, we probably would have obtained a total debt write-off instead of a reschedule. Because only China was capable of doing that as the private lenders won’t give us a debt write-off.
They are saying we should be grateful for this first step. Yes we are grateful but also recognize the weakness and failures.
We sought a debt write-off or debt forgiveness of $8billion. We didn’t get that..the debt remains! We have to continue to pay for it for the next 20years with a grace period of three years.
I know sometimes people just want us to celebrate, even pyrrhic victories.