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HomeTrendingZambia’s debt restructuring on the horizon 

Zambia’s debt restructuring on the horizon 

…as Secretary to the Treasury, Felix Nkulukusa meets Zambia’s official creditors committee in Europe

By PRINCE MABUMBA

DEPUTY Secretary to the Cabinet responsible for Finance, Siazongo Siakalenge has expressed confidence that a breakthrough is imminent in Zambia’s debt restructuring negotiations after the meetings with the official creditors’ committee.

Mr Siakalenge said in an interview with Millennium Television that Secretary to the Treasury, Felix Nkulukusa was in Europe to follow on the issue of debt restructuring with Zambians Official Creditors Committee.

“We believe that after these meetings have taken place very soon, I think we will have a breakthrough regarding these debt restructuring issues,” Mr Siakalenge said.

He said Government has made some major strides in implementing various reforms to stabilise the economy.

Mr Siakalenge said the agreed programme between the International Monetary Fund (IMF) and Government was progressive, which required the support of all key stakeholders.

“The new dawn administration in particular, I think they have done very well in terms of implementing various reforms on the basis of which I think that the IMF  and  the government agreed on a programme and the number of reforms have  been  implemented by the government.

 “The debt restructuring ,  which is one of the main issue on which the IMF have said that we need to have first confirmation of the Memorandum of  Understanding with the creditors  so that they  can release the component of the resources that they  promised  to assist the country,” Mr Siakalenge said.

He added that the suggestion by the IMF that Zambia should first come to a common understanding with its creditors is an assurance of the confidence that the Bretton Woods Institution would release the components of the promised resources once the MoU is attained.

Mr. Siakalenge also explained that the Ministry of Finance and National Planning was confident that the efforts in the debt restructuring negotiations would soon yield positive results and help to stabilize the country’s economy.

 “That is still a process. Yes, money has been delayed, but it does mean that it won’t come because  government, and particularly as the Ministry of Finance and National Planning, we are confident that the effort we have put in and the work we have  done is going to pay dividends,” he said.

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