Spring Meetings: Zambia to settle with bondholders soon, Finance Minister, Musokotwane says

Government has announced that it will soon convene a meeting with its bondholders with a view of concluding the process as soon as possible.

In March this year, Zambia agreed to restructure US$3 billion in Eurobonds with its bond holders.

The announcement was made by the Finance and National Planning Minister, Situmbeko Musokotwane, at the United States-Zambia bilateral meeting held on the side-lines of the ongoing Spring Meetings of the International Monetary Fund (IMF) and World Bank Group in Washington.

Musokotwane announced that a meeting with bond holders would soon be convened with a view of concluding the process as soon as possible in his response to a question on the debt restructuring process during the meeting.

The Minister also indicated that 77 percent of eligible debt had been negotiated while another 23 percent had to be negotiated, mostly with commercial creditors.

“To improve resource mobilisation, the government, through Zambia Revenue Authority, is in the process of appointing fiscal agents,” he said.

Meanwhile, the United States Treasury Under Secretary, Jay Shambaugh, conveyed the US appreciation of how Zambia had been able to remain resilient under difficult circumstances.

The Secretary also took the opportunity to state the American willingness to help combat economic crimes and promote interagency coordination.

On the Lobito corridor project, he reiterated the will to push the agenda as quickly as possible through a Public Private Partnership route.

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