Thursday, June 20, 2024

IMF Chief applauds Zambia’s debt deal

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IMF Managing Director Ms. Kristalina Georgieva has welcomed debt treatment agreement reached by Zambia and Its Official Creditors under the G20 Common Framework.

Following the announcement of an agreement being reached by Zambia and its official creditors under the Group of 20 Common Framework, Ms. Georgieva said, “I warmly welcome Minister of Finance Situmbeko Musokotwane’s announcement that the Zambian authorities have reached an agreement with their official creditors on a debt treatment, consistent with the objectives of the IMF-supported program.”

She said this unique and innovative agreement specifies both a baseline and a contingent treatment that would be automatically triggered if the assessment of Zambia’s economic performance and policies improves.

“I want to thank the official creditor committee, especially co-chairs China and France and Vice-Chair South Africa, for all their work to reach this agreement. This is a significant milestone for the G20 Common Framework under which China, India, Saudi Arabia and Paris Club creditors joined forces to agree deep debt relief for Zambia.

“This agreement paves the way for the completion of the first review of Zambia’s three-year Extended Credit Facility Arrangement, which is helping put Zambia on a path toward sustainable economic growth and poverty reduction.

“I look forward to the Executive Board taking up this review in the coming weeks and the continuation of our productive collaboration with Zambia in the period ahead.”

19 COMMENTS

  1. Meanwhile other opposition figures are busy applauding HH and his govt for this news while Emmanuel Mwamba is claiming that him and the PF are not Happy with HH for reaching an Agreement with Creditors to restructure our Debt. One wonders whose side these PF guys are on. If their aim is to see a better Zambia, they should be happy instead of simply being bitter at the current regime. We expect the entire opposition to look at the welfare and benefits of ordinary Zambians instead.

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  2. Where in history or earth have you ever seen a lender celebrating a deal that benefits the debtor? It’s like me giving you 1 million loan and the court rules that you don’t owe me anything. Would you expect me to celebrate that? Wake up sleepy Zambians. Your creditors can only celebrate or rejoice when they are gaining more from you than you are from them. Hh is too pompous to get advice from us and ecl who have more experience dealing with imperialists. Zambia is now a colony again.

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  3. HH needs to sat down and lectured by Kenyan President Ruto…at the moment Ruto is lobbying for an independent Financial organisation..he told off Marcon telling that African will never benefit from a Western controlled organisation like IMF

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    • We Zambians cannot even think of telling off anyone especially those we are owing. Only after we settle our debts are we able to make demands considering that we are able to stand on our on period. I do not even see that as Ruto telling anyone off, he was simply making suggestions that he sees as beneficial to countries like Kenya and African in general.

    • Jah Man – Kenya is not looking for hand outs like our man Hakainde, Kenya pays off its debt..infact Kenya pays $10 billion a year to service its debt. Yes he told him off because they are championing an unfair system.

  4. Am non Partisan but if its good for Zambia then definitely am happy….we don’t want silly and greedy Politicians…i want my business to thrive in Zambia….whoever brings development to Zambia then thats the President i want not someone filling his own pockets while majority of Zambians live in extreme poverty….lets build a better Zambia for all Zambians….

  5. Seen some comments above, quiet foolishness in thought process, particularly those posted by some London Stroll.
    His PF govt was kicked out of power partly due to failure to restructure this debt. Yet just bcoz HH has done it, they condemn the achievement.
    Thousands of our brothers and sisters die every year trying get to Western Europe – yet the Stroll portrays Europeans as devils, and the Stroll is likely commenting Europe right now!

    We need to create good living spaces in Africa. This is what HH is striving to achieve.

  6. Kenyan president slams ‘unfair’ global lending system
    Kenyan President William Ruto does not hold back when describing the global lending system: it is “unfair, it’s punitive, it doesn’t give everybody a fair chance”.
    Ruto made his blunt assessment in an interview with AFP on the sidelines of a two-day summit in Paris seeking to revamp the international financial order to better help developing nations combat poverty and climate change.
    Currently, poorer countries have to pay as much as eight times more in interest rates than rich nations “because they are profiled as risky”, Ruto said.

  7. But the Kenyan leader said his country is not looking for handouts.

    “Some people do not want a mechanism where people are equal, they want us to continue this conversation where we are looking for help,” Ruto said.

    “We are tired of this story” painting Africans as “victims of climate change” who are “looking for favours” and “complaining”, he said.

    “We do not want to look for help. We want to participate in the solution,” Ruto said late Thursday, on the eve of the summit’s final day.

    He wants to attract private investment more than development aid for his eastern African nation, but he is also calling for reform of the International Monetary Fund and World Bank.

  8. @ Tarino Orange
    The only problem I have with some African leaders is that they’re anti Western world but they send all their children and family members to live in the west….when they’re sick they go to Europe or USA for treatment…anyway lets see how all this kaloba plays out….lets see how things will stand in the next 12 months….if all goes well and people start seeing results then this is definitely the end of PF…MMD….NDC….etc..no more looting and wasting tax payers money

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