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Alba Iulia
Tuesday, June 22, 2021

Zambia holds meeting with International Creditors to assure them on Debt Management

Headlines Zambia holds meeting with International Creditors to assure them on Debt...

The Ministry of Finance and over one-hundred (100) participants from over twenty (20) International Commercial Banks and Export Credit Agencies (ECA) with loan exposure to Zambia, Thursday, held a virtual meeting for an update on the country’s macroeconomic and fiscal situation, engagement with the IMF, and the authorities’ strategy to restore public debt sustainability.

Budget and Economic Affairs Permanent Secretary EMMANUEL PAMU was Zambia’s lead speaker during the virtual meeting with the International Commercial Banks and Export Credit Agencies.

In his remarks during the meeting, Dr PAMU explained that the ongoing Covid-19 crisis had created major challenges for the Zambian economy and that the country remained committed to restoring public debt sustainability and maintaining transparent engagement with all creditors.

“This meeting gives me an opportunity to reiterate our strong commitment to resolve this situation and devise, with your assistance and cooperation, a responsible and sustainable solution to our debt problems,” he said.

Dr PAMU and his team of officials from the Ministry of Finance and the Bank of Zambia used the occasion to respond to questions from the creditors pertaining to Zambia’s macroeconomic situation, engagement with the IMF, and the debt restructuring exercise.

The Permanent Secretary requested all participating banks and respective Export Credit Agencies to consider forming a Private Creditor Coordination Committee to enhance communication and transparency, going forward.

Zambia’s Eurobond holders have already constituted a similar arrangement. The Government is in the process of engaging bilateral creditors under the G20
Common Framework, with a view to also encourage them to form a similar coordination arrangement.

“I want to thank all the investors for participating in this highly productive virtual meeting, which we hope, further demonstrates the Zambian Government’s commitment to remain transparent and work closely with all our creditors as we make progress towards restoring Zambia’s public debt sustainability,” Dr PAMU said at the conclusion of the meeting.

He added that it is the Government’s sincere hope that the process will result in the formation of a Private Creditor Coordination Committee to facilitate greater communication and data dissemination going forward.

17 COMMENTS

  1. Full debt repayments is what is needed NOT “debt management talks”. And unPatriotic Front just stop taking reckless debts with no vision.

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  2. PF think borrowed money is manna from heaven ………….

    looking at the cash handouts they have addicted the unemployed to even a responsible new GRZ will struggle to teach people that they have to work money

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  3. ????Full debt repayment? Tell us which country has ever done that. Or has no debt at all. Debt management is important . Let’s not comment with emotions. The team has taken a very good step. ??

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  4. Enough to make Douglas North, turn in the grave.

    PF time out. You do not support non-inclusion in your policies.

    We are tired of celebrity politics.

    International community stay away for now, you don’t want to be thought of supporting policies that you will not tolerate in your own countries. Unless you disagree with Douglas north, and agree with PF administration.

    PF time out.

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  5. U are not paying interest to Eurobond Holders but u have Money to buy Helicopters using scarce foreign exchange resources. U are importing heavy Military Hardware to suppress and kill people like Nsama and Joseph Kaunda. U are printing money like confetti and dishing it out to buy votes for the 2021 Elections. U are breaching your Constitution to establish a Dictatorship. U expect foreign investors and creditors to be happy with the Zimbabwe Risk? No way. Should the 2021 Elections be violent, rigged and disputed Zambia should forget about New Loans and Grants from the International Community.

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  6. Every since cybersecurity was removed ine nuyopa to comment mwe. But anyway: anigwile nizake izo. Debt has no issues at all. What is at issue is what you are going to do with it. Kukongola zatubudula ndiponso ma pafyumu is not the same as kukongola for rearing chickens for sale. You will easily find profit from chicken sales to pay back nkongole, manje twam’kati tuja ni loss…

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  7. We can’t run away from debt (kongole) payments. It is their right
    To ask for their money.lets not give
    Corvid as an excuse. As we claim
    To boast of building infrastructure
    This is the consequence. We were
    Building on kongole.lets find ways
    To pay.

  8. DEBT MANAGEMENT IS COMMON AROUNG THE WORLD
    BUT WHY LET A COUNTRY GET INTO JUNK STATUS AND STILL SINKING
    BEFORE SEEKING ASSISTANCE
    IF GOVERNMENT WAS SERIOUS THIS SHOULD HAVE BEEN DONE YEARS AGO
    AND RECKLESS SPENDING CURTAILED
    SOMEHOW I FEEL THIS IS HEADING TO DEBT RIGHTOFF ONCE AGAIN ..
    AFRICA’S THEME SONG

  9. Mscheeew ,its more like “bad management is in your blood”. High Debt ,high inflation,Kwacha depreciation and misrule etc.

  10. Debt management according to PF means withdrawing payments to donors, creditors both local and foreign, no salary increments, no pension payments so that the money we save can be used to dish out freebies such as bicycles to headman, mealie meal in mazabuka etc etc and remain in power.

  11. There is no country on this earth that doesn’t borrow and the richest nations borrow in trillions but borrowed in billions which is not bad , however this money must be used efficiently on projects that matter to the running of a nation and results must be seen on the ground I think we have seen what the borrowed money has done in Zambia no one can regret about the credit we now have.
    Zambia has tremendously developed with the same money we need to pay back and the works done are there for all to see.

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  12. Instead of servicing and repaying their external debt they are printing and borrowing the Kwacha to finance their 2021 Election Campaigns. All this Money is dished out to PF Cadres. ECL is donating Fuel Tankers,mealie meal,bicycles etc at great expense for his Campaign. All this Money is Taxpayer’s Money which is being abused and stolen to finance PF Election Campaigns. This reckless printing of money is fueling inflation and prices of Consumer goods over the last month have skyrocketed and are no unaffordable etc. People are Angry and Hungry and want a change of Govt. People should accept these donations but come August 12 vote wisely and send ECL and PF “ku wire”.

  13. Surely, why putting up bridges in Lusaka and say it is a working government when many places where rivers and road that crosses rivers have no bridges?

    Even voters, I think must realize that PF has fallen away from real development, why building bridges on the dry land when most roads eg, Mutanda Solwezi bridge, which is contributing a lot of money to the Nation has poor bridge that has become a death trap?
    Surely visionless society many people perish.
    Zambia needs better bridges crossing over the rivers than Fly over bridges that has got nothing to change lives for Zambians.

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