ZAMBIA RECEIVES INVITATION TO THE OFFICIAL CREDITOR COMMITTEE
MEETING
ZAMBIA RECEIVES INVITATION TO THE OFFICIAL CREDITOR COMMITTEE
MEETING
Lusaka – 14/06/22
Zambia has received an invitation to participate in the first meeting between Zambia’s Official Creditor Committee and the IMF, organised under the G20 Common Framework to be held on Thursday, 16th June, 2022.
According to a statement issued by Finance and National Planning Minister Situmbeko Musokotwane, Zambia will present its economic reform agenda and the progress made since reaching the Staff-Level-Agreement with the IMF in December
2021.
Dr Musokotwane said this includes several revenue measures to regain fiscal space by making the tax
system more efficient, developing a comprehensive public finance management
strategy and improving oversight of borrowing.
“As unsustainable debt is choking our ability to respond to the economic challenges faced, we will also present our official creditors with the path we envision to reach debt sustainability and the support that will be needed from our international partners including initial assurances of debt treatment, a precursor for approval of our IMF programme,” he said.
Once approved, the IMF programme will provide Zambia with much-needed fiscal space and help to anchor its reform agenda and will pave way for more
detailed debt restructuring talks to commence involving all creditors.
The Minister said the need to address the debt crisis is urgent and added that unless this is done promptly, Zambia will not be in a position to invest adequately in economic and human development.
“The global economic recovery is at risk and swift implementation of the G20 Common Framework is essential to adequately respond to the scale of the challenge ahead. We
are confident that together with our creditors we will be able to achieve a mutually
beneficial solution to ensure Zambia’s return to sustainable debt levels”, Dr Musokotwane added.
The meeting will be held in Paris under a hybrid (physical and virtual) format with Zambia attending virtually.