Zanaco optimistic debt restructure will aid Zambia’s economic revival

Zanaco Plc Board Chairperson, Patrick Wanjelani, says the debt restructuring effort will unlock critical resources for Zambia to enable it re-set the economy.

Zambia last month managed to restructure its US$6.3 billion debt that would be rescheduled over a 20-year period with a three-year grace period.

Speaking during Zanaco’s economic review meeting in Kitwe on Tuesday, Wanjelani said the debt restructuring would “undoubtedly unlock vital financial resources and will re-set the country towards a path of stability and growth.”

He is confident that resources would be freed to growth sectors that would spur sustainable economic development.

Wanjelani stated that with the International Monetary Fund (IMF) already disbursing US$188 million to Zambia under the Extended Credit Facility (ECF), the future looked bright.

Meanwhile, Commerce, Trade and Industry Minister, Chipoka Mulenga, who officiated at the event said that it was no secret that trade, and industrialization were cornerstones in the development agenda of any economy.

“Majority of our people face challenges in accessing finance which restricts their participation in activities such as mining and supply to the mines and other sectors,” Mulenga said.

He told the gathering that the government would continue creating a viable and conducive environment through which business can thrive.

“I, therefore, reiterate the government’s commitment to fulfilling this role and to ensuring the private sector takes centre stage in our country’s development agenda. Further, I wish to call upon yourselves to partner with the government in our continued efforts to unlock liquidity challenges through creating fiscal space for both businesses,” Mulenga said.

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