Musokotwane Calls for Mechanism to build Consensus among non-bonded creditors

Musokotwane Calls for Mechanism to build Consensus among non-bonded creditors

By Masauso Mkwayaya

Finance and National Planning Minister SITUMBEKO MUSOKOTWANE has called for a coordinated mechanism to build consensus among non-bonded creditors.

Non-bonded creditors are private lenders such as Banks and Corporations.

Dr. MUSOKOTWANE says the stakeholders should be brought on board early through the information sharing mechanism to minimize coordination challenges.

He says the process of restructuring the debt has experienced significant challenges in coordinating non-bonded commercial creditors, which has resulted in lengthy negotiation processes.

Dr MUSOKOTWANE was speaking during the G-20 Global Sovereign Round Table in Washington DC, held on the sidelines of the 2025 Spring Meetings of the International Monetary Fund and the World Bank Group.

The Minister took the floor to share Zambia’s experiences with the Global Sovereign Round Table to help improve the debt restructuring process and highlight key areas for further improvement and consideration.

He requested the august assembly to engage more with regional development banks under the G-20 Common Framework.

Dr MUSOKOTWANE is accompanied to the Spring Meetings by Secretary to the Treasury FELIX NKULUKUSA, Bank of Zambia Governor Dr DENNY KALYALYA, and Zambia Revenue Authority Commissioner General DINGANI BANDA.

Zambia is also participating in the Global Parliamentary Forum which is being held on the sidelines of the Spring Meetings.

The country’s representatives are SIBONGILE MWAMBA, Member of Parliament for Kasama Central Constituency and Member of the Parliamentary Committees on Public Accounts, Foreign Affairs, and SIBESO SEFULO, Member of Parliament  for Mwandi Constituency and Cha
rperson of the Parliamentary Committee on National Economy and Labour Matters.

Meanwhile, and Zambia and Japan have held a bilateral meeting.

Japanese Vice Minister of Finance for International Affairs ATSUSHI MIMURA said the implementation of the G 20 Common Framework for debt treatment through which Zambia’s debt restructuring process is being handled is the beginning of sustainable development for the country.

Mr. MIMURA said Japan fully supports the World Bank coordinated Resilient Inclusive Supply Enhance -RISE- Partnership initiative.

Dr MUSOKOTWANE, who was accompanied by Zambia’s, SADC and COMESA’s sole candidate for the Presidency of the African Development Bank Dr SAMUEL MAIMBO, affirmed Zambia’s focus on growth and prioritization of investment through the private sector.

And Dr MAIMBO, who was introduced to the Japanese delegation by Dr MUSOKOTWANE as a candidate at next month’s elections for the Presidency of the AfDB to be held in Abidjan, Ivory Coast , outlined his vision for the Pan-African Bank, once elected, next mont
.

He said although there is a shifting paradigm in official development assistance, development finance through public-private-partnerships is relevant, and the way to go.
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