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Experts from five African countries, including Zambia, are meeting in Lusaka to develop a roadmap on the implementation of debt management strategies and policies.
Debt management presents a challenge for Africa as it is a significant source of funding for economic growth and development.
This is according to the United Nations Economic Commission for Africa (UNECA) Director- Macroeconomics and Governance Division, Adam Elhiraika.
He stated that the meeting provides an opportunity to effectively enact budgetary protection measures.
“Efficient and effective debt management will allow debtor countries to take action to avoid the legacy of ‘too little, too late’ sovereign debt management and restructuring,” Elhiraika said.
He said this in Lusaka on Monday at the Peer-Learning workshop on debt management organised to assist senior government official from Zambia, Sudan, Sierra Leone, Ethiopia and South Africa to share information, experiences and best practices on debt management strategies.
Elhiraika added that issues around policies and operations would be shared to enable them implement viable management procedures and strategies in-country.
“Additionally, knowledge products will emanate from the workshop, that may provide guidance to other countries on debt management strategies, which includes a policy brief on debt management strategies and policies implemented during shocks, failures and successes a practical guide on evaluating risks of sovereign debt portfolios,” he said.
Elhiraika indicated that the officials would share the current state of debt in their countries highlighting the key challenges hampering debt sustainability.
He said a special focus should be made on the types of loans, borrowing requirements, interest and redemption payments on loans, overview of total governance debt, composition of domestic debt by instrument and service costs.
Making a presentation on Zambia, Ministry of Finance and National Planning, Senior Economist-Domestic Debt, Mulenga Chaibela, said the country’s domestic debt stood at K210,004.15 million (about US$11,627.33 million) as at December 31, 2022.
Chaibela said the the debt was primarily contracted through issuance of government securities.
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