Govt shifts focus to commercial creditors

By Mark Ziligone

Government says it will now engage commercial creditors on a non-disclosure basis with the determination of getting debt treatments.

Finance and National Planning Minister SITUMBEKO MUSOKOTWANE says this is on terms comparable to what has been agreed with both the official creditors and the bondholders.

And, Dr MUSOKOTANE says the government will now expedite bilateral agreements with official creditors in order to implement the terms of the debt treatment agreed in the October MoU.

Dr. MUSOKOTWANE said this in a ministerial statement on the Debt Restructuring Agreement between Zambia and the Steering Committee of the Adhoc Creditor Committee of  bondholders of Zambia’s Eurobonds .

He said the government is optimistic that similar positive outcomes like those reached with the Eurobond holders will be achieved through discussions with its commercial creditors.

And Dr MUSKOKOTWANE said the decision by the bondholders to forgo a significant portion of Zambia’s debt underscores their confidence in the Government’s commitment to implement long comprehensive reforms and restore fiscal discipline.

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