Thursday, June 13, 2024

Zambia Set to Secure Debt Restructuring Deal at Paris Summit, IMF Head Congratulates the Nation

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Zambia is poised to announce a significant debt restructuring deal today, as the Paris Summit on easing debt burdens for impoverished nations convenes. Bloomberg reports that Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has praised Zambia for its efforts and expects the debt agreement to be officially disclosed during the summit.

During a round table discussion held in Paris, Ms. Georgieva commended Zambia as a prime example of effective and efficient debt restructuring. She extended her congratulations to President Hakainde Hichilema for spearheading the initiative, highlighting the country’s agile approach to managing its debt obligations.

Additionally, Ms. Georgieva shared the news that developed nations have fulfilled their commitment to allocate $100 billion from IMF resources for lending to the world’s poorest economies. This commitment involves countries contributing reserve assets, known as Special Drawing Rights, to the IMF’s Resilience and Sustainability Trust and the Poverty Reduction and Growth Trust.

Zambia’s breakthrough in debt restructuring sets a crucial precedent for countries facing challenges in servicing their liabilities. The nation has reached an agreement in principle to restructure $6.3 billion in debt with bilateral lenders, according to a French official participating in the Paris Summit.

The anticipated announcement of Zambia’s debt agreement signals a significant milestone in the country’s ongoing efforts to address its financial burdens. The government’s proactive approach to debt management has garnered recognition and praise from the IMF, further solidifying Zambia’s commitment to securing a sustainable economic future.

As the Paris Summit progresses, delegates and leaders from various nations continue to engage in discussions and collaborative efforts to alleviate the debt burdens faced by impoverished countries. The collective commitment of nations and international organizations, exemplified by the debt agreement reached by Zambia, offers hope for other nations grappling with similar challenges.

20 COMMENTS

  1. As we speak, HHs team are busy and frantically working to get HH an invite to the funeral of the 5 men that perished in the submersible. They need a very good reason for him to fly to another country and eat more allowances. As we speak they have reached out to the families of the deceased begging to attend funeral

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    • Tell your f00Iish president to have some compassion for the millions of Zambians living in poverty while he flies all over world wasting tax payers money. Do you see how f00Iish upnd thugs are? They would rather feel comparison for a bunch of billi0nalres who chose to put their life at risk than Zambians with no options. Fuseke

  2. No Kaizar Zulu. HH can only travel once you offer him with mouth mask and with white gloves to protect him from corona virus.

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  3. Zambia its the same story from the 1990s debt structuring followed by tightening of the belts then reckless spending when we elect leaders like Sata who knew nothing about govt spending…appointed Fossil Chikwanda who brought his Chikwandanomics

  4. Third World definition: That part of the globe that celebrates congratulations from the IMF Head for rearranging payment of these countries’ debt.

  5. This is what we have been waiting for now 2 years, we hope and pray that the deal will come through and after that we will work towards addressing real developmental challenges…the main developmental challenges facing Zambia is not corruption but poor service delivery which breeds corruption, once we sort out poor service delivery and begin to run govt efficiently this nation will rise to heights that only a Zambian eagle can.

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  6. Zambia has a puppet president who thinks rubbing shoulders with these people for getting more debt is a great achievement

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  7. …….

    LT……

    You need to up your game………

    Very soon the haters will be scattering and taking cover in shame from LT……….

    You will have less bloggers hence less readers

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  8. The biggest problem we have is that we seem to appreciate mediocrity. Even when we notice underperformance we praise it instead. It wasn’t possible for Zambia to default on all categories of debt. If HH were a good manager he should have ring fenced funds from road tolls to service road project loans which make the bulk of Chinese loans. Where is the money from tolls and how is it being utilized? We can’t gloss over these facts and expect us to get anywhere. This is what makes me not to see any difference between a buffoon with an honorary doctorate like Kambwili and a British trained economist like Hichilema

    • He went to Rwanda to discuss among other things land he has given to Rwandan govt to farm in Zambia…surely how can you develop if you are giving away land to foreign govts instead of empowering our farmers. Its mind blowing, they will simply come to Zambia with their own resources own labour and export evrything to Rwanda.

    • Rwanda becomes the 2nd country after Kenya to be given land. We don’t know who else has been given land because these decisions aren’t announced here in Zambia. It’s difficult to tell what goes on in his mind. He might be more shrewd than he seems. You don’t get mentioned in some papers like Panama for nothing.

    • Who is Africa why dont you be specific when you are being criticial? He is going to those guys promising something in exchange for something…he is proud to be labelled an impoverished nation. Subsidies and excesses have been reduced but he is going to them to beg some more when he could have gone to the Chinese first but he wants to appease the muzungu. Just look at how they are looking at him like a new hardworking butler they have employed.

  9. HH is shaking hands with wrong people the slavers. What HH should be doing is go to China and sort out the debt, sort out KCM and Mopani and then tax the mines and start servicing the debt normally and not begging.

    • The size of the debt incurred by the tribalists of PF is so big that it is unpayable. He has to have it unstructured. There, I do not blame HH. However, I blame him for refusing to go to China. That is disgraceful and irresponsible

  10. Enslavers love this. How do you congratulate someone for saying “this is the way we intend to pay back the money we owe”?

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