MORE STAKEHOLDERS REACT TO REJECTION OF ZAMBIA’S REVISED DEBT RESTRUCTURING PROPOSAL BY OFFICIAL CREDITORS

The Civil Society Organizations–CSO- Debt Alliance says the official creditors’ rejection of Zambia’s revised proposal for debt restructuring is indicative of the existing gaps in the ongoing negotiations.

Alliance Chairperson Peter Mumba has cited lack of information sharing and transparency between the two creditor groups as the primary cause for the delay and subsequent rejection.

Mr Mumba has urged creditors to prioritize transparency in order to facilitate timely restructuring of Zambia’s debt, stressing the country’s vulnerability to risks if the negotiations are not concluded promptly.

Further, he is advising government to enhance its communication with citizens, emphasizing that such information should originate from the government rather than international media to prevent unnecessary panic.

Meanwhile, Economist Michelo Maunga says Zambia’s staff-level agreement with the International Monetary Fund-IMF on the second review of its extended credit facility will contribute to the appreciation of the kwacha.

The IMF has reached a staff-level agreement with Zambia on the second review of its extended credit facility, unlocking another $184 Million upon IMF board approval.