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Finance and National Planning Minister, Situmbeko Musokotwane, has encouraged local bondholders not to be hesitant in investing in government securities as their funds were safe.
Musokotwane assured local bondholders that supply of foreign exchange had become even more secure following the recent debt restructuring deal.
He said at a joint Ministry of Finance and Nation planning and the Economics Associations of Zambia (EAZ) forum on Thursday in Lusaka that local bondholders must, therefore, not be hesitant to invest in government securities such as bonds.
He observed that some investors became hesitant about investing in the bonds after hearing about the restructuring debt deal with bilateral creditors.
The minister emphasised that bonds were not part of the debt restructuring deal.
“When there was no agreement on debt restructuring bondholders started asking if the local bonds would be part of the stock of bonds to be restructured.
“Those that used to come and participate were holding back so the element of foreign influence that used to come became less. While whose bonds matured would not re-invest because of the uncertainty that was taking place before the debt restructuring deal and were taking the money out,” he said.
At the same function, Secretary to the Treasury Felix Nkulukusa, said the 2024 national budget would allocate more resources to productive sectors such as mining, agriculture, tourism and manufacturing.
Nkulukusa said the four sectors would enhance productivity in the economy while Government continues to invest in other equally important sectors of the economy like energy.
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