Thursday, May 30, 2024

Zambia Set to Sign MOU on Debt Restructuring with Official Creditors, Paving the Way for IMF Funding

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Zambia is on the brink of signing a crucial Memorandum of Understanding (MOU) to facilitate the restructuring of its debt with official creditors. Finance Minister Situmbeo Musokotwane has revealed in Marrakech, Morocco that significant progress has been made, marking a key milestone in securing the next tranche of funding from the International Monetary Fund (IMF).

Dr. Musokotwane, while speaking to Reuters during a visit to Marrakech, expressed optimism regarding the MOU’s imminent signing. He confirmed that the negotiations between Zambia and its official creditors have advanced to a stage where the agreement is close to being finalized.

“The MOU will hopefully be signed next week, as we are in the final stages of reaching an agreement,” Dr. Musokotwane informed reporters after participating in panel discussions.

Zambia reached an agreement in June to restructure a substantial $6.3 billion debt owed to foreign governments, including China and members of the Paris Club of creditor nations. To formalize this significant debt deal, Zambia must sign an MOU with its official creditors.

This development is seen as a significant step in Zambia’s efforts to stabilize its fiscal situation and chart a sustainable path for its economic recovery. The debt restructuring agreement is expected to provide much-needed financial relief to the country, helping it address the economic challenges it has faced in recent years.

By securing this MOU, Zambia positions itself to receive critical support from the International Monetary Fund, which is a key player in the country’s efforts to restore its economic stability and ensure a more prosperous future.

10 COMMENTS

    • Every time @ Kaizar Zulu opens his big mouth, it’s all kaka. Just wait. HH is a man of integrity, working very hard to repair the Zambian govt destroyed by the PF thieves. PF will never be in power, I REPEAT, PF thieves will never be in power. I will do anything in my power to make you’re destroyed. Zambia is in a good place right and better thing are yet to come. You Kaizar Zulu are the same animals that worshipped UNIP thieves. JUST SHUT UP

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    • Fuseke black mamba!! Just look at the upvotes my comments are getting. You are in trouble you tribal cows. 2026 I will personally beat you up

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  1. This Country has more than enough resources if managed well we can service the debts without even borrowing from the useless IMF

  2. So this has never been signed after celebrating in April as a major archivement of upnd govt since they took power? Then what were we celebrating?

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