“WE’VE NOT FAILED TO REPAY EUROBONDS”

The Minister of Finance says refinancing of the Eurobonds with a Turkish firm is not in any way a signal of failure to repay.
Margret Mwanakatwe says the government remains fully committed to meeting all its liabilities on time and in full.
Mrs. Mwanakatwe says in a statement to ZNBC News, that a redemption strategy has been developed for the three Eurobonds.
She says the strategy is currently undergoing review and approval by Cabinet and that the Government is also in the process of engaging financial advisors on implementation of the strategy.
Mrs Mwanakatwe further notes that refinancing seeks to achieve lower costs and longer maturities with potential investors.
She however notes that the exercise will be done in full consultation with the bond holders and in accordance with international market standards.
Mrs Mwanakatwe says the government is duty bound to interrogate any other asset and liability proposals that may come from other private and bilateral partners for cheaper options.
President Lungu on Saturday requested Turkey to help Zambia repay a Three billion-dollar Eurobond.
Zambia issued a 750-million-dollar bond in 2012, a one-billion-dollar bond in 2014 and a 1.25 billion dollar bond in 2015.
Zambia is expected to start refinancing the Eurobonds worth $2.8 billion in 2019.

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