MUSOKOTWANE HIGHLIGHTS DEBT MANAGEMENT LESSONS FOR OTHER NATIONS
Minister of Finance and National Planning, Dr Situmbeko Musokotwane, says countries grappling with debt and undergoing restructuring processes can draw valuable lessons from Zambia’s success in the area.
He remarked in a speech read on his behalf by Secretary to the Treasury, Felix Nkulukusa, at the opening of a 2-day World Bank Debt Management Facility Stakeholders Forum in Livingstone, Wednesday.
Musokotwane said that since 2020, Zambia has been actively restructuring its external debt and in recent months, the country achieved significant milestones by reaching agreements with its Bilateral Creditor Group and Bondholders.
He noted that the agreement has covered about 75 per cent of the country’s debt within the restructuring perimeter, apportioning the applause to the relentless and collective efforts of various stakeholders.
Musokotwane added that the theme of the convened forum tagged “Debt Management for Resilience: adapting to changes and Challenges,” is both timely and highly relevant given current global trends.
He observed that numerous countries are grappling with significant debt challenges, with the global economic landscape rapidly changing, hence the need to adopt new methods in how debt is managed.
Musokotwane said the long restructuring process has provided Zambia with an opportunity to re-evaluate its debt management framework, emphasizing improved transparency, accountability, and sustainability.
He relayed those various reforms are being implemented to align with international best practices to avoid similar debt pitfalls in the future.