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Alba Iulia
Friday, April 16, 2021

Zambia officially requests debt treatment under the agreed G20 framework

Economy Zambia officially requests debt treatment under the agreed G20...

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.

18 COMMENTS

  1. Bullcrap. Lungu and his minions are busy campaigning and dishing out money of all sorts but can’t pay the monthly interests payments.

    Since elections are around the corner PF wants a way out. When do they expect to this debt? May be when lungu kicks the bucket.

    Don’t give me this nonsense about COVID.
    The economy was in tatters before COVID came. This has just given them an excuse to defer payments and ask for debt write off

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  2. Who will listen to a bunch of clowns asking for debt forgiveness but busy showing off that you are rich? Who really goes and publicly distributes tax payer money like it’s his personal?

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  3. Thanks for admitting that Lungu-nomics has been a disaster .Since 2011 PF has been digging Zambia into a poverty hole.

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  4. Great work from a very competent minister. We thank you. Now look at how angry the upnd diaspora apes are. They said Zambia has defaulted and that all hell would break loose in Zambia and yet here are breathing and life has gone on. They said Africa would be badly affected by covid and yet here we are. F00lish people

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  5. Can you imagine what a windfall we would have been getting from the high copper prices at the moment? Levy is turning in the grave. Instead, we are struggling with debt and we have backslidden to the pre 1996 era. Meanwhile, someone still wants to be in charge to in flict more pain on the Zambian people for another 5 years. This is nothing but sado-masochism.

  6. Let us respect every Zambian and believe they are human to make a decision. Ecl is a good man you will ever know. If someone comes to you and tells you what to do. Tell them my vote is secret and I know what to do.

  7. Really laughable…when they were advised that it debt borrowing was unsustainable they laughed today they are asking for debt treatment without shame. Menawhile the same foooooool are in rural areas handing out K100 notes

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  8. Timbwi
     February 5, 2021 At 9:30 pm

    “……Ecl is a good man you will ever know……..”

    I don’t dought lungu is a bad man , but he is an incompetent leader , almost useless…..

    It’s like you get your son a private tutor who is a very good man personally but useless as a tutor and your son is getting worse, what do you do ???

  9. The first signs of lungu being a very useless leader was in his first year as president , some ministry messed up big time….when lungu was asked , he point blank said it was not his job !!!!…..

    Bane , you ain’t seen nothing yet, wait….

  10. Nothing will materialize until after Elections in August 2021.If the Elections are violent and disputed then Zambia can forget about IMF/World Bank assisted Debt Restructuring and Refinancing. If ECL steals a Third Term and the August 12,2021 Elections, which is likely, then that’s the end of the story for Zambia. International Economic and Financial Sanctions on Zambia beckon. The writing is on the wall.

  11. Complete failed state a la the twin- Zimbabwe. Incompetence thuggery and thievery has brought this mess the last wasted eight years.

  12. Yes, we are an independent country, that is, independent to mismanage our own affairs but not to run our own affairs in our own interest.

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