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Alba Iulia
Thursday, March 4, 2021

Debt Restructuring Communication Services Must Be Done By Either Lazard or Government With the Help of Lazard

Columns Debt Restructuring Communication Services Must Be Done By Either Lazard or Government...

By Nalucha Nganga Ziba, Country Director, ActionAid Zambia

The hiring of Highgate Advisory Limited as the government Communications advisor for the debt management process at a total cost of more than three hundred thousand pounds is not economical.

Not overlooking the communication challenges observed by the bondholders from their second statement responding to the Zambian Government’s request for a six-month interest repayments suspension, ActionAid is of the view that public debt restructuring communication services should be done either by Lazard or the government through the Ministry of Finance with help from Lazard our public debt restructuring consultants to avoid replication of work and save the much-needed public resources. Our expectation is that Lazard must be able to communicate to lenders on behalf of the Zambian government or guide the Zambian government with communication to lenders.

As a country, we cannot afford or continue making irrational fiscal decisions amidst fiscal challenges. We are already spending five million dollars on Lazard, and now over three hundred thousand pounds towards the same process. There is need for the government to be more prudent in the way they are managing public resources; and acquiring of public debt restructuring advisory related services is not exceptional to guarantee adequate public service delivery especially in the wake of Covid-19.

We have also observed that, there are significant public concerns and queries around the registration status of Highgate Advisory Limited. In this regard, we would like to urge the government not only to clear the public concerns but also endeavor to embrace the spirit of transparency regarding the procurement of similar services in the future and more importantly in all its socio-economic decisions on behalf of the Zambian people.

8 COMMENTS

    • Indeed Nalucha why does the government have a Ministry of Information and Broadcasting services? Doesn’t that ministry manage communication professionals in the Zambia Nesw Information Services? The government pays these people then goes on to pay three hundred thousand pounds , by the way we were told it is 8 million pounds..

  1. After 57 years if independence and billions of dollars spent on education , you mean GRZ can not find Zambians who can communicate on the world stage ???????

    PF , through your corruption and lust for commissions , you are embarrassing us.

    That’s why I say this lungu us a clueless morron suited to the tarvens of chawama……

  2. You are missing a point. PF Government is on correct loci. You cannot be the judge of your own appearance and outlook before IMF.
    PF wins landslide this year. We will win by 80%. No qualms. Thank you.

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  3. What is a Conflict of Interest? A conflict of interest occurs when an individual’s personal interests – family, friendships, financial, or social factors – could compromise his or her judgment, decisions, or actions in the workplace.

    Quilt ascribed to someone not because of any evidence but because of their association with an offender.

    “President Lungu said that President Museveni’s victory shows the confidence and trust that the Ugandan people have in him.” LT

    PF time out!?

  4. @akaPS communication at the world stage requires more than being able to speak English, you need people who can speak the language of bondholders, you cant just get a PF cadre with a PHD to go and speak, they will laugh at him

  5. Patriotic Zambian

    That is how hopless his GRZ PF and lungu are, they should identified and gathered eminent Zambians in Zambia and abroad to come up with a communique for bondholders and others owed money.

    Instead , the same lungu the other day was preaching about teaching more African learning yet the moron can’t empower Zambians to talk to the rest of the world …….

  6. akapS – Actually the moron could be you. It is not just simply picking some so called technocrats within your govt to do such a task. These world monetary gurus/cartels have their own set guidelines on how to do deal with them. It is not your call. Your knowledge stops at criticizing reckless govt borrowing. Beyond that, you are swimming in murky waters.

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