Former Finance Minister Katele Kalumba has urged government to heed to the caution against disclosing the terms for refinancing the US$ 750 million Eurobond.
The Economics Association of Zambia (EAZ) has warned that disclosing terms for refinancing Zambia’s first Eurobond will jeopardize its bargaining abilities in refinancing its other two Eurobonds.
And Dr. Kalumba who was Cabinet Minister under the Frederick Chiluba led MMD government says if government discloses the terms for refinancing the first Eurobond it will also expose its hand.
In an interview by telephone Dr. Kalumba states that government cannot therefore disclose such information to the public before negotiating with the lender.
Dr. Kalumba does not think the issue of transparency and accountability should ever arise before government secures any resources through debt contraction.
He says are already systems by which Zambians can know whether or not there is transparency in the use of public funds secured through debt.
Meanwhile economist Noel Nkhoma thinks that it should not be mandatory for government to disclose the terms for refinancing of any bond it issues.
Mr. Nkhoma who is also former EAZ president notes that he has not personally heard anywhere where it has been mandatory for a government to make such disclosures.
He has told QTV News in a separate interview that in his view what the people should only have is sufficient confidence in the government to do what is in the best interest of the Country.