UPND HOPEFUL OF EXTERNAL DEBT DEAL.
Lusaka – 14/06/22
The UPND says it remains hopeful that the creditors committee meeting between Zambia and it’s creditors will yield positive results necessary in the socio-economic growth of the country.
Former UPND Spokesperson Charles Kakoma says the meeting slated for Thursday June 16th,2022 will see a breakthrough in resolving the country’s debt crisis following the resolution of teething problems that had earlier dodged the process.
Mr Kakoma says the absence of China to the talks had created problems among the bilateral and multilateral lenders as Zambia owes China almost 30 percent of the external debt and therefore other creditors such as the Paris Club members and Eurobond holders were reluctant to proceed with discussing the Zambia’s debt without the involvement of China.
“We are optimistic that China will look at Zambia’s case favourably as it has proved to be an all-weather friend. We are also optimistic that the other creditors like the Eurobond holders and other multilateral and bilateral lenders will feel comfortable to restructure Zambia’s debt with China at the table”, Mr Kakoma said.
He said It is important to resolve Zambia’s debt crisis so that resources going towards debt servicing can be saved and channelled to need areas such as education, health, agriculture , roads and other infrastructure .
He further expressed happiness to note that the IMF Deputy Managing Director is also in Zambia to discuss the country’s programme during the same week that Zambia’s debt problem is being discussed by the Creditors Committee.
Last year, Zambia applied to the G-20 to be considered under a newly established process called the “Common Framework ” designed to help countries weather the storm of the pandemic with debt relief and restructuring.
(C) THE FALCON
