Thursday, February 22, 2024

Finance Minister Assures UK based Investors on Zambia’s Debt

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 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe

MINISTER OF FINANCE MARGARET MWANAKATWE has assured United Kingdom based investors that the Zambian Government will firmly implement the Medium Term Debt Strategy [MTDS] and the Economic Stabilization and Growth Programme [ESGP].

Speaking from her Lusaka office through a conference call to over twenty [20] INVESTORS AND FUND MANAGERS GATHERED AT THE METROPOLITAN HOTEL IN LONDON, on the sidelines of the on-going Commonwealth Heads of Government Summit at which Vice President INONGE MUTUKWA WINA is representing the country, Mrs. Mwanakatwe said the Zambian Government is profoundly watching both the foreign and domestic debt trajectories and would ensure that there is sustainability in the medium to long term.

The Minister added that the planning and budgeting act will activate statutory induced budget credibility and enhance the Governments initiatives on fiscal consolidation.

“We have also taken the Public Finance Act to Parliament for repeal and replacement in order to bring in more stringent deterrent measures and punitive measures,” she said.

Mrs. Mwanakatwe invited the investors to consider Zambian risk as the economy is stable and growing, adding that, “the energy demand is increasing and may get higher due to our industrialisation and value addition programmes, this is why we need investment in the energy sector.”

The Minister has assured the investors that highlights of the Debt Sustainability Strategy [DSA] will be made public and available to both the domestic and foreign financial market players.

Among those who engaged with Mrs. Mwanakatwe and her team was Anglo Pacific, Barclays, HBK Europe, BNP Paribas, Blue Bay, Lazard, and Portman Global Partners.

Ministry of Finance Permanent Secretary for Economic Management MUKULI CHIKUBA is in London leading a joint technical team of Ministry of Finance and Bank of Zambia officials on investor engagement. The team is this afternoon also scheduled to meet investors who are under the BUSINESS COUNCIL FOR AFRICA umbrella.

And COMMERCE, TRADE AND INDUSTRY MINISTER CHRISTOPHER Yaluma is tomorrow expected to deliver a speech on investing in infrastructure and building growth at the Commonwealth Business Forum.

In the recent past, The UNITED STATES, the WORLD BANK GROUP, and the AFRICAN DEVELOPMENT BANK re-affirmed their commitment to work with the Zambian Government in accelerating the implementation of development programmes.

Meanwhile, Republican Vice President Inonge Wina has arrived in London for the Commonwealth Heads of Government meeting in the United Kingdom (UK).

Mrs. Wina who landed at Gatwick Airport around midday was received by Minister of Foreign Affairs Joseph Malanji and Zambia’s High Commissioner to the United Kingdom Muyeba Chikonde as well as other Senior Governmental Officials.

The Commonwealth Summit starts today 16 April and ends on April 2018, under the theme ‘Towards a common future’.

And the Vice President is scheduled to meet with the Commonwealth Secretary General Patricia Scotland during her engagement in London.

Minister of Foreign Affairs Joseph Malanji confirmed this to ZANIS in London this afternoon.

Mr. Malanji also stated that the Vice President will hold several bilateral meetings on the sidelines of the Commonwealth summit.

He further said Mrs. Wina will this evening meet Zambians living in the United Kingdom at the residence of Zambia’s High Commissioner to the United Kingdom Muyeba Chikonde.

 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe
 investors And Fund Managers Gathered At The Metropolitan Hotel In London during a Conference Call by Finance Minister Mrs Mwanakatwe

17 COMMENTS

    • I told you to stop that @Mumba. Lets bet $200, you see there will be less than 20 comments here.
      You are annoy people.

  1. VISIONLESS PF00Lish Regime has no other agenda besides KALOBA on top of kaloba, Debt on top of Debt, Nkongole upon Nkongole. They’ve auctioned the country to the highest bidder, see photos above.

    I feel pity for whoever will be president in 2022 & 2027 when Euro-Bonds mature. Lungu & PF ministers need to be in jail during that time.

    • All you think of day and night is revenge hate and jail. No progressive ideas. No facts. No directions intelligence. And you expect Zambian to side with you. When will you chaps at UPND wake from your cacoon of bitterness kanshi? Shame

    • @Hakaaiinde, I’m as yet to see a country that developed on debt, it’s f00lish.
      Inshi you PF00Ls have no clue to grow the economy?
      Most Zambians want Lungu & PF00ls out bcoz of the fake taxes they’ve introduced
      – Toll Roads
      – Borehole Tax
      – Heavy tax on Japanese 2nd hand cars
      – K400 E-Voucher fees for farmers with no inputs delivered
      – Health insurance Bill
      – Tax on Rentals as if you helped me built my houses, Mxxxm, STYOPET MAKAKAs!!!
      – Fuel levy
      – TPIN for every bank account opened
      – Tax on Western Union money transfers
      – TV levy for DeadNBC
      – Heavy Tax on mines

    • @abilima 2.3, that developed country is also the most productive; it knows you will continue to strive for its products as part of the world’s consumers and in that way help pay its debts. Is this the same with consumer-based economies like ours?

  2. Finance Minister Assures UK based Investors on Zambia’s Debt.
    This title is misleading. What she is talking about is future actions and not giving assurances about Zambia’s debt. LT you are P-F-FOO-LS greatest bootlicker.

  3. What about what the investors said? Where is it ? So Maggie Mwanakatwe was involved in a monologue! Great reporting, no doubt it meets Zambian standards.

  4. International lenders and markets are growing increasingly concerned about “hidden debt” in Zambia, a situation similar to the one that plunged neighbouring Mozambique into a deep financial crisis.
    For several weeks financiers have demanded answers about the level of the country’s true external borrowing – but officials have rubbished any suggestion of concealed debts.
    Zambia, the second largest copper producer in sub-Saharan Africa, insists that its debt pile stands at $8.7-billion – but there have been suggestions it could be double that.
    The allegations have raised fears among Zambians and foreign investors for whom the memory of Mozambique’s hidden debt fiasco is still fresh in the mind.
    In 2016, international donors froze fiscal support to Mozambique after it emerged that the…

  5. In 2016, international donors froze fiscal support to Mozambique after it emerged that the country had taken $2-billion of “off-book” loans to finance maritime vessels and military equipment.
    That move plunged the impoverished country into serious economic and financial crisis.
    Maputo has since suspended repayments to creditors and is seeking to renegotiate its debt mountain.
    Japanese finance giant Nomura recently questioned the size of Zambia’s public debt, suggesting the government is concealing a substantial amount of short-term external debt.
    In a note last week, the director of the political risk advisory firm EXX Africa also warned of “mounting evidence of undisclosed loans” and said that Zambia had miscalculated its total debt.

  6. WHY THE VP IS REPRESENTING THE PRESIDENT IN A HEADS OF STATE COMMONWEALTH SUMMIT? DOES IT MEAN HE SUCCUMED TO PEOPLES PRESSURE RESTRICTING HIS MOVEMENTS? THUS NOT RIGHT , A LEADER SHOULD DO THE BEST FOR ZAMBIANS DON’T LISTEN TO RETROGRESSORS, PLEASE BOSSS TRAVEL AND INTERACT WITH OTHER HEADS OF STATES

    • No kidding! Are you really serious with your comment? Is the man (The President) ever going to do anything that pleases you people? He travels, you condemn him, he stays home and work, you still finds something wrong with that; so what exactly do you people want from this President? Isn’t this simply the case of “DAMNED IF YOU DO, DAMNED IF YOU DON’T” run amok?

      Seems like “IDLE COMPLAINING” is a unique Zambian disease kaa!

  7. If zambia is concealing debts as you claim then who and how are they going to pay back. That’s why Maggie said in whose interest is it to hide a debt which was aquired legally and ooenly.

  8. In the Internet age even spin has stopped functioning. Information is leaking everywhere. Whatever facts there are will surface, and very quickly, and very clearly. I have stopped rushing. It will be revealed whether or not there is debt concealment or not. …and very soon. Relax.

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