CSO DEBT ALLIANCE PRESS STATEMENT. OVER SIXTY PERCENT OF ZAMBIA’S EXTERNAL DEBT MUST BE CANCELLED OR THE NATION WILL NOT RETURN TO DEBT SUSTAINABILITY

In December, the International Monetary Fund (IMF) and the Zambia Government reached a Staff Level Agreement for a three-year Extended Credit Facility amounting to USD1.4 billion. A Staff Level Agreement was followed by Zambia’s’ request for a debt treatment under the G20 Common Framework. Zambia is currently negotiating a restructuring of its debt with private and government creditors through the G20’s new Common Framework. The Zambian Government is in the process of engaging with bilateral or official creditors, multilateral, and private creditors. Lenders will have to agree to some level of common consensus for the debt restructuring process for Zambia to bear fruits. However, the variation in the types, and nature of Zambia’s debt attracts complexities in arriving at a unanimous decision that will see the process going forward. Read More>>>