Sunday, March 3, 2024

IMF Urges Compromise in Zambia’s Debt Restructuring Process

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The International Monetary Fund (IMF) has called for all parties involved in Zambia’s debt restructuring process to reach a compromise as delays continue to hinder progress. Abebe Selassie, the IMF Director for the African Department, expressed frustration over the prolonged negotiations but remains hopeful for a resolution with the Official Creditors Committee.

During a press briefing held at the IMF Headquarters, Mr. Selassie underscored the urgency of concluding the debt restructuring for Zambia. He urged all stakeholders to come together and find a common ground that serves the best interests of the country and its economic recovery.

“The delay in the conclusion of the debt restructuring for Zambia is frustrating,” said Mr. Selassie. “However, we remain optimistic that a decision will be reached with the Official Creditors Committee.”

Highlighting the need for a more systematic approach to debt treatment, Mr. Selassie called for a global sovereign roundtable discussion. He emphasized that a set of guidelines on debt restructuring would provide a standardized framework for countries facing similar challenges.

“There is a need for a global sovereign roundtable discussion that should come up with guidelines on debt treatment,” Mr. Selassie stated. “Currently, there is no particular standard of how countries seeking debt restructuring can be treated, as each country is treated on a case-to-case basis.”

The lack of a standardized approach can lead to inefficiencies and inconsistencies in the debt restructuring process. A global framework, as proposed by Mr. Selassie, could offer a more transparent and equitable solution for countries grappling with debt-related issues.

19 COMMENTS

  1. We don’t need IMF to develop…..we need to get rid of corruption and tribalism and manage our own copper and other natural resources…we need to keep our surroundings clean…we don’t need chlorine to fight Chorela…..we need proper Sanitation and clean public toilets in Markets and bus stations…so to hell with IMF

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    • @Anonymous
      How can you develop when you are dead broke as a country with over $35 billion in debt. You think you can mine copper or other natural resources with sticks or bare hands. If Zambia had money then why did the PF take over Mopani for a debt of $1.5 billion. Why did they not pay in cash and in full.
      STOP DREAMING

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    • Anonymous.You should have been next to President Edgar Lungu during that embarrassing presser.Thats how he answered the query from Hope TV. Do you drink together

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  2. You call yourselves intelligent but fail to see that IMF calls are synchronised with discoveries of natural resources. Ask yourselves this question, why would someone, whose business model is to sell you fake debt in exchange of your resources be on your side? Are these not the same people you are inviting to invest in your mines? These institutions and owners have had the luxury and freedom to think for centuries but as for you, who only discovered a taste of freedom in the last 50 years think you know better? Careful otherwise it will not end well for 2H and Co.

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  4. Amnesia can introduce a significant level of uncertainty into an individual’s financial decision-making process. Without the ability to recall important details about loan terms, interest rates, or contractual obligations, individuals may find themselves at a distinct disadvantage when attempting to assess the true impact of a lending arrangement. This lack of clarity can leave individuals vulnerable to making uninformed decisions or being manipulated by predatory lenders who seek to take advantage of their confusion and vulnerability.

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  6. HH and IMF if serious with debt restructuring should just go and talk to China. All the wasted trips Hichilema done global trotting to useless countries should have been spent on China who we all a lot of money. Why is HH and IMF shy on mentioning China? You do not go to negotiate debt with the people you don’t owe. China is mute on our debt because we chose to go to IMF to negotiate as opposed to going to the people them. And what was all the cerebration stup!d people had from KKIA to community house for.

  7. ……….

    It will happen by the end of this year, to give zambains relief from the high cost of living and give the UPND GRZ some breathing space for the upcoming elections……….

    The creditors know their best chance of them getting their money back is with a strong economy……….

    And HH is the best one to deliver a strong economy……….

    Forward 2031………..

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    • A young man calls for HH to resign and you arrest him. For what? What are the charges? You people are something else.

  8. The first cut is the deepest and first impression matters most. HH looked down on China. He thought Biden was going to push everything through for him. By the time he realised his mistake it was too late. He went to China, met Ji….he was smiling but that’s the way he’s…. you think he is pleased with you but inside it’s something else.

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