In a recent statement, the Ministry of Finance and National Planning clarified that the International Monetary Fund (IMF) has not revised its position on Zambia’s debt restructuring agreement, dispelling speculations that had circulated in the public domain. The Office of the Secretary to the Treasury emphasized that the agreement reached with the Official Creditor Committee (OCC) in June 2023 and the subsequent Memorandum of Understanding (MoU) in Marrakech in October 2023 are still on course.
Despite the ongoing debt restructuring engagements, the Ministry acknowledged that there have been misconceptions about the IMF’s stance. The ministry stressed that these speculations are factually incorrect and affirmed the continued commitment to the agreements made earlier.
Last week, the Ministry engaged in discussions with members of the Official Creditor Committee and IMF representatives. During these talks, concerns were expressed by the partners regarding the agreement-in-principle reached with the Bondholders Steering Committee in October 2023. In response to these reservations, Zambia has re-engaged with the Ad Hoc Creditor Committee of Bondholders, and discussions are actively progressing.
The Secretary to the Treasury highlighted the importance of maintaining confidentiality during these negotiations. Discussions with the Bondholders Committee occur under Non-Disclosure Agreements (NDAs), adhering to standard international legal practices for such engagements. This means that specific details of the conversations cannot be disclosed until the discussions conclude.
The Ministry emphasized its unwavering commitment to the best interests of the country and its economy throughout the debt restructuring process. Despite the challenges and reservations raised, the government reassures citizens and friends of Zambia that they are diligently working towards a solution acceptable to all parties involved.