Zambia, creditors discuss way forward

GOVERNMENT has requested Banks and respective Export Credit Agencies to consider forming a Private Creditor Coordination Committee to enhance communication and transparency.

This was after the government and over 100 participants of its creditors held a virtual meeting to update them on a number of Zambia's economic developments such as the country's macroeconomic and fiscal situation.

The meeting involved over 100 participants from more than 20 international commercial banks and export credit agencies with loan exposure to Zambia.

During the meeting, Government provided an update on Zambia’s macroeconomic and fiscal situation, engagement with the International Monetary Fund (IMF), and the authorities’ strategy to restore public debt sustainability.

Government during the same meeting held on Thursday requested all participating banks and respective export credit agencies to consider forming a Private Creditor Coordination Committee to enhance communication and transparency, going forward.

It is the government’s sincere hope that the process will result in the formation of a Private Creditor Coordination Committee to facilitate greater communication and data dissemination going forward.

This is according to Ministry of Finance Permanent Secretary for Budget and Economic Affairs, Emmanuel Pamu, who was Zambia’s lead speaker during the meeting.

Dr Pamu explained that the ongoing Covid-19 crisis had created major challenges for the Zambian economy and that the country remained committed to restoring public debt sustainability and maintaining transparent engagement with all creditors.