By 
Civil Society organisation (CSO) and Debt Alliance has demanded detailed information on Zambia’s debt restructuring process from the visiting International Monetary Fund (IMF) delegation.
The IMF Managing Director Kristalina Georgieva’s visit to Zambia is anchored on information exchange on the progress being made under the Funds’ extended credit facility.
She, and her delegation, are visiting Zambia from Sunday 22 to Tuesday 24 January, 2023.
Chairperson of the Alliance, Alex Muyebe has therefore taken this opportunity to demand for detailed information on the Zambia’s debt restructuring from the IMF delegation.
Muyebe emphasised that it was cardinal that the bottlenecks in Zambia’s debt restructuring process were unlocked.
Addressing journalists in Lusaka on Sunday organised by the CSO Debt Alliance to express their expectation for the IMF director and United States Treasury secretary’s visit to Zambia.
Read more: Debt management, economic reforms to dominate as IMF Chief, Georgieva, arrives Zambia Sunday
“This will be an opportunity for government to provide updates on the implementation of the IMF extended credit facility that was provided last year,” Muyembe also said.
He also observed that the major delay in getting all creditors in one room under the G20 common framework was largely borne by the uncertainties from distinct creditors such as Eurobond holders and China who were also the largest single creditor.
“This came after Zambia had struggled to bring all its creditors together to get assurances and commence debt restructuring negotiations despite reaching a staff-level agreement with the IMF in December 2021 which was a prerequisite to getting an IMF executive board approval.
“Fortunately China reaffirmed its support to Zambia’s debt restructuring process in July 2022,” Muyembe said.
He however acknowledged that during the previous visit of the IMF Deputy Chief, the official creditor committee met and began deliberations on Zambia’s request for a debt treatment under the G20 Common Framework.
Speaking at the same event, Center for Trade Policy and Development Head of research Boyd Muleya, said it was important for the government to address the economic reform fatigue that Zambians had been subjected to.
Comments