ZAMBIA AND SAUDI ARABIA SIGN DEBT RESTRUCTURING AGREEMENT TO RESCHEDULE REPAYMENT OF OVER $130 MILLION
By Tellah Hazinji
Zambia and the Kingdom of Saudi Arabia have signed a debt restructuring agreement under the G20 common framework aimed at rescheduling repayment of over $130 million that Zambia owes that country.
The two countries have also signed another agreement for the approval of an additional $35 million loan to finance the construction of King Salman specialized hospital in Zambia.
Speaking during the signing ceremony in Lusaka today, Finance and National Planning Minister Situmbeko Musokotwane says the agreement signed is the formalization between the two countries to restructure Zambia’s debt for the resumption of debt servicing in 2026.
Dr. Musokotwane says this is a significant milestone towards achieving debt sustainability and Zambia’s commitment to repaying its debt going forward.
Meanwhile, Dr. Musokotwane explained that the additional $35 million loan is part of the 2024 annual borrowing plan that was approved by parliament in 2023.
And Saudi Fund for Development Chief Executive Officer Sultan Al-Marshad says the King Salman specialized hospital for women and children will provide a state-of-the-art medical facility with a capacity of 800 bed spaces.
PHOENIX NEWS
Ati Bwanji ba Indigo? Is this not great news for Zambians and just HH?
Let people who want to work for the people work. At some point they will show us they are tired and we hope there will be another crop of leaders who will work as hard and be as creative in their service to Zambia not for themselves or their children