Monday, February 26, 2024

Ministry of Finance Dispels Speculations on IMF’s Position Regarding Zambia’s Debt Restructuring

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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.

19 COMMENTS

  1. Zambia is trying to sip water from a stone in this relationship. Doing the same things over and over and expecting a different result. Ndiye ku sinduka uku.

    • Try to understand. There’s money owed by Zambia and it has to be paid back. What else could Zambia have done? Do you have any suggestions about how to change it? That’s the world existing now. These Ministry of Finance officials do appear in public in their official capacity. You engage them when they do, instead of aiming one-sided criticism of what they say on the web.

    • @Gunner in Zambia, you need to first understand what debt is and how it is used before showing your ignorance and naivety. That woman in the middle knows that where she comes from, their debt is far bigger than the small debt Zambia is trying to fix. Zambia can pay for all it’s debts and more from just 1 mine. Our biggest problem is that we tend to trust the people who are stealing from us more than ourselves. These people want your resources and they are using debt in exchange. Educate yourself first before showing your ignorance. Education is free these days.

  2. ambia is trying to sip water from a stone in this relationship. Doing the same things over and over and expecting a different result.

  3. This f00l hh even claimed that other countries wanted to learn from him how to restructure debt. Kanshi he is a chi gonga Hahaha can they verify his university qualifications. This was reported by reliable international news sources. Lusaka times stop being cadres

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    • Why did you borrow the money? Where is the US $31 billion you borrowed in 10 years? HH or any other president of Zambia should not have to be clearing this sort of debt. You tricked Zambia to get into power in 2011. Zambia was virtually debt free, and had US $3.8 billion in the bank, in 2 accounts. You started by stealing that money under Michael Satan. You then went on a borrowing spree in which you borrowed more money than Zambia can ever repay. It is your fault. You created this problem. Kamyanga-Nyoko Kaizar Zulu. I hate you and everything you stand for. You probably acquired the HIV you have from licking whatever Lungu’s women immediately after he finished with them.

  4. It is almost a year ago that Musokwatane celebrated a milestone of nearling debt resrtructuring .The Kwacha improved and there was massive celebration by hakainde, nalumamngo and MPs in parliament. Its one year today and clearly things are not going well. The creditors have grown cold feet. China is back to its original position. The kwacha has tumbled and inflation is on the increase. Kalyalya and Musokotwane have no solutions to the challenges . Lets brace for tougher times. Our blue eyed boy has failed us again.

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    • It’s a rigged game we are playing. Imagine these people earned their qualifications in the late 70’s early 80’s and how the world has moved on today. How do you compete with an inventor of a game? The one who makes the rules, changes the rules and decides the outcome? We seriously need to free ourselves from this colonial mindset of thinking that a muzungu will only like you if you follow their orders. These people don’t like us and will always take advantage of our ignorance.

  5. How long did it take PF to accumulate the debt leading to the default on debt which the government is trying to resolve??

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  6. Some Zambians are sometimes like children. They wish to have an easy life, borrow excessively, spend the money lavishly and complain when it is time to pay back. PF misused the borrowed money and what we are seeing are the consequences.

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  7. IMF has backed out until we get our house in order with other creditors. That’s why you have seen dollar reaching more than K23 for the first time in the history of this country.

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  8. IT IS A WORLD OF SMOKE AND MIRRORS
    WHEELS WITHIN WHEELS
    NON DISCLOSURE AGREEMENTS
    SO THAT THE ORDINARY MAN IS LEFT BAFFLED
    APPARENTLY THE MAIN LENDERS, INCLUDING CHINA, WERE NOT AMUSED BY THE VERY GENEROUS CONCESSIONS GIVEN TO BOND HOLDERS BY THE GOVERNMENT
    MEANWHILE, THE KWACHA: KAYA!

    • IT’S A RIGGED GAME, KWACHA ONLY APPRECIATES WHEN YOU MAKE BIG CONCESSIONS. EVEN YOUR CURRENCY IS ON STRINGS BECAUSE THE CONTROLLER WILL ALWAYS KEEP YOU IN CHECK.

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