Debt crisis: Govt advised to consider viable options as talks stall on restructuring Zambia’s financial exposures

The Zambia Institute of Chartered Accountants (ZiCA) has advised government to start considering having a second plan in case the debt restructuring process takes longer than planned.

The accountants have also suggested the need for government to arrange a one- on-one meeting with the Chinese authorities in its quest for a debt restructuring process since that country has been singled as delaying the procedure.

ZiCA president, Cecilia Zimba, stated that the institute took keen interest in the ongoing discussions and developments on the country’s debt restructuring process.

The institute, she said, joined all the concerned parties and partners who had expressed deep concern about the debt restructuring stalemate.

“As devoted citizens, we would like the country to come out of the negative tag attributed to its default status since 2020, so that the Government can properly execute its economic recovery plan,” she said at the ZiCA 2023 first quarter media briefing on various national matters issued in public interest on Wednesday.

Zimba, therefore suggested urged Finance and National Planning Minister, Situmbeko Musokotwane, to keep pushing and start considering having a plan B in case the debt restructuring process took longer than planned.

“We believe that the Economic Recovery Plan has many other facets and key areas apart from debt restructuring and debt sustainability.

“It would be good to heighten efforts and focus on other areas of the plan that would give us quick wins so that the economic recovery is not derailed,” Zimba said.

She also suggested that the Zambian authorities should arrange a one- on-one meeting with the Chinese authorities since China had been singled as delaying the process.

Zimba pointed out that Zambia already enjoyed a cordial relationship with China and a visit would be worthwhile to strengthen our relationships and speed up the debt restructuring process.

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