ZICA demands for plan B towards debt restructuring
The Zambia institute of chartered accountants – ZICA has challenged Government through the ministry of Finance and National Planning to consider having a plan B in case the debt restructuring process takes longer than planned stating the country may lose gains achieved so far.
ZICA says another option the Zambian authorities could consider is to arrange a one- on-one meeting with the Chinese authorities since China has been singled as delaying the process. She noted that Zambia already enjoys a cordial relationship with China and a visit would be worthwhile to strengthen our relationships and speed up the debt restructuring process.
Speaking during the ZICA media briefing for the first quarter of 2023 on matters that affect the Accountancy profession and the nation at large and attended by the Zambian Business Times – ZBT, ZICA President Cecilia Zimba said the Institute takes keen interest in the ongoing discussions and developments on the country’s debt restructuring process and join all the concerned parties and partners who have expressed deep concern about the debt restructuring stalemate.
Zimba said as devoted citizens, ZICA would like the country to come out of the negative tag attributed to its default status since 2020, so that the Government can properly execute its economic recovery plan.
“Much as the Debt issue is a big matter concerning the country’s economy and a lot hinges on it, the budget for 2023 is dependent on a restructured loan facilities from our creditors and we know how detrimental it will be if this debt restructuring does not happen and that is why we are saying let’s put in place measures that will boost our revenue collection and start to address some of the areas of the economy that need urgent attention.”
“We, therefore, urge the Minister of Finance to keep pushing and start considering having a PLAN B in case the debt restructuring process takes longer than planned. We believe that the Economic Recovery Plan has many other facets and key areas apart from debt restructuring and debt sustainability. It would be good to heighten efforts and focus on other areas of the plan that would give us quick wins so that the economic recovery is not derailed.” She remarked.
The media briefing also reflected on other developments related to other key matters that include, the Energy Regulation Board (ERB) approval of ZESCO’s application to increase electricity tariffs, financial stability versus price stability, high Unemployment levels in the country as well as Go… follow link to read the full article http://zambianbusinesstimes.com/zica-demand-for-plan-b-towards-debt-restructuring/