HH SAYS IT’S NOW UP TO THE G20 TO DECIDE ON ZAMBIA’S DEBT
PRESIDENT Hakainde Hichilema has said it is now up to the G20 Common Framework to decide on Zambia for debt treatment because according to him, the country has met and satisfied all the required benchmarks and conditions without exception.
Mr Hichilema has says it was now time for the G20 Common Framework creditors committee to decide on Zambia, without further postponing their meetings.
His sentiments resonate with those of his Finance and National Planning Minister, Situmbeko Musokotwane, who recently insisted that Zambia had met all the requirements needed by the creditors to sign the Memorandum of Understanding needed for the country to access the US$188 million distribution from the International Monetary Fund (IMF).
President Hichilema, during a press conference in Lusaka on Thursday, said it was his expectation that creditors at their next meeting would conclude and decide on Zambia’s debt restructuring.
“Debt is crippling the economy and so part of our duty is to resolve the debt mountain. I am confident that we have met all the benchmarks, all of them, without exception for meeting part of the bargain. Now what is up to the G20 Common Framework to make a decision,” President Hichilema said.
Official statistics from the Finance and National Planning Ministry indicate that the central government external debt as at January 31, 2023 rose to US$13.96 billion from US$13.36 billion in 2022.
Zambia is currently struggling with its official creditors to reach a tangible resolution for financial assurances.
Without these financial assurances from the creditors, Zambia will not access the US$188 million distribution from the IMF despite the economy having shown that it was making health strides.
In trying to find a solution to this bottleneck, Mr Hichilema said it was part of the reason he had been travelling to meet cochairs of the common framework such as the French President Emmanuel Macron.
He explained that the agenda was to request these leaders to speak on behalf of Zambia for a debt treatment and lobby for votes.