Saturday, June 22, 2024

IMF sees Zambia agreement with official creditors ‘within a few days’

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The International Monetary Fund is encouraged by the progress in discussions between Zambia and its official creditors, and an agreement could be reached “within a few days,” the fund said in a statement on Tuesday.

“We are very encouraged by the significant progress being made in discussions between official creditors and Zambia on a potential debt treatment,” a spokesperson for the fund wrote.

“We expect an agreement could be reached within a few days, which would allow the Executive Board consider the first review of the Fund-supported program within a few weeks.”

The IMF said in early April that the next $188 million payout from a $1.3 billion support loan to Zambia was contingent on the government’s reaching an agreement with its creditors.

Zambia’s hopes of restructuring about $12.8 billion of external debt have been hampered by the concerns of its main creditors about the required scale of relief.

(Reporting by Rodrigo Campos and Rachel Savage; Editing by Leslie Adler)

Source : Reuters

16 COMMENTS

  1. This should have happened yesterday, why the IMF has put us through this hardship is unjustified. Look at the bail outs the Banks in the US and Europe have had, look at the financial assistance countries like Greece and some Eastern Europe nations have received. And yet the money we as a country are asking for is very little in comparison to what these other nations have burrowed to correct their economies.

  2. I hope it is for real this time pantu twanaka nama very soon!! Anyway, just shows you why we should never ever bring people to power that just know how to borrow and consume, forgetting that tomorrow the day to pay back shall come. Borrowing is very easy nomba ati bwesha inkongole!!

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  3. The biggest creditor to Zambia is China. The IMF can talk as much as they want but if Zambian president does not put his tail between his legs and talk to China, there will be no resolution to this debt problem. China holds most of the cards. By the way Zambians, restructuring means we still need to pay and if we have someone giving tax holidays to HHis friends, how are we going to be servicing the restructured debt?

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    • Don’t keep on parroting the opposition’s cheap talking point, China co-chairs the debt restructuring committee with France , so China is part of the discussions all they way. So I don’t know what kind of talking you keep on asking for, unless you mean we go to China on our all fours begging for forgiveness, groveling . Because even this week , the premier of China will be in France as part of the discussions with our President

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    • @Uwakwisano. Learn to read the mood and research about the unseen war between the west and China. If Blinken (US Secretary of State) can put his tail between his legs and humble himself and go to visit China visit whilst our local 6 african clowns were wasting their time in eastern europe. Who is ka smaller than an ant HH?

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    • China holds $6 billion of our debt .The other $12billion is held by commercial lenders, bond holders and multilateral who are represented by France.
      The $12 billion is open to the public but the $6 billion is shrouded with secrecy.

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  4. You have been sold as slaves to America by that expert Privatizer hh. Forget economic freedom. America is now your master.

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    • kikikiki
      We are made slaves by our own people
      doesnt need a genius to understand the figures
      Just check the wage structure for one

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  5. We are busy chasing a $188m sure! Mwebantu who has bewitched us? We have Gold in Kasenseli and Shiwangándu and now Sugilite in Chembe district. Ati tulandeko, the police come looking for you ati watuka imfumu ba Bally! So who’s benefiting from Gold and Sugilite?
    Within 6 months we can raise $1.3Billion if we harness the resources well.

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  6. This optimism is what has caused the kwacha to suddenly appreciate against the dollar. Even if this IMF deal doesn’t materialize just keep on saying we are near to conclude so that kwacha keeps appreciating.

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  7. “Within a few days”, soon, sooner, soonest.
    The only thing that keeps humans ‘going on’ is hope. Expectation.

  8. Africa the dark continent….with massive wealth but we choose to enslave ourselves….we don’t need IMF….we have enough natural resources…and when the kwacha start losing value again what are you going to say

  9. Very ignorant! China is our all weather friend. And our good president is ever talking to china, that’s the purpose of having the Chinese ambassador here and a Zambian ambassador there in china. Please don’t speculate your ignorance or falsehood just because you are in opposition

    • We are not speculating anything. When the American vice president during her visit commented on Zambia’s debt to China the Chinese Finance Ministers said let Zambia come to us. He further went to tell off the Americans to worry about their own debt to China. So what HH is doing, he is asking for help from people who equally owe China. The summit in France will not be about Zambia alone. It a summit for the world Zambia is just a small figure. HH should just go to China as opposed to wasting time in America, Ukraine, Russia, Ruanda etc.

  10. While at it, almost all are only heralding the foreign debt, no patriotic sane soul is mentioning the home debt that is just as immense. Is this approach to economic recovery homegrown or outlandish? I think it is insane.

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