Business

Zambia on course for debt deal

NANCY SIAME, Lusaka

GOVERNMENT will soon conclude discussions with creditors on debt restructuring which will result in Zambia accessing a US$1.4 billion International Monetary Fund (IMF) bailout package by June this year. Minister of Finance and National Planning Situmbeko Musokotwane says Government is on the right path to restructure Zambia’s debt following a successful agreement with IMF last year. Dr Musokotwane was speaking yesterday when he and other ministers met Bankers Association of Zambia (BAZ) representatives. The minister said Zambia’s debt has been unsustainable for many years, hence Government working on addressing the problem. “We expect economic stability which will see to it that inflation is under control and also stop the exchange rate from moving like a yoyo,” Dr Musokotwane said. Once the debt restructuring programme has been agreed, some money in this year’s budget allocated to paying creditors will be channeled to other economic activities. “The IMF and the World Bank are expected to make disbursements payable over a long period of time with interest almost at zero. We also expect other donors to CLICK TO READ MORE


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