Zambia has officially requested a debt treatment under the Common Framework agreed by the group of twenty major economies and the Paris club in November last year.
Finance Minister Bwalya Ng’andu said that Zambia is committed to transparency and equal treatment of all creditors in the restructuring process.
Dr Ng’andu said that the application to benefit from the G20 Common framework will hopefully reassure all creditors of Zambia’s commitment to such treatment, adding that returning to sustainable debt levels is a national priority adding that he is confident that the debt treatment will help address Zambia’s challenges and support the country’s economic and financial recovery.
Dr. Ng’andu said that the debt treatment under the common framework will be based on the conclusion of the debt sustainability analysis being prepared in collaboration with the World Bank and IMF.
The Finance Minister also said that the newly adopted common framework for debt treatment beyond the G20 debt service suspension initiative is designed to facilitate timely and orderly treatment of debt with broad creditor participation for eligible countries.
The framework has been endorsed by the G20 and the Paris club as part of a global response to the COVID 19 Crisis.
Dr. Dr Ng’andu said that all G20 and Paris club creditors are expected to coordinate their engagement with Zambia under the common framework with the objective of providing debt relief to the country.