DEBT RESTRUCTURING LACKS TRANSPARENCY - MWENDA

KASONDE Mwenda, the Economic Freedom Fighters (EFF) president has urged Government to be transparent in navigating Zambia’s debt restructuring challenges.

Mr Mwenda said in a statement yesterday that Government should heed recommendations on the country’s debt from stakeholders and prioritise the interests of Zambians in charting a path towards fiscal stability and economic prosperity.

He said it was not true that the country’s US$12 billion debt had been wholly resolved as the process was protracted and arduous.

“Only 33 percent of the debt is being discussed though heading towards a very exploitative agreement where Zambia is a loser. 97 percent debt remain undiscussed. It is imperative that the public is apprised of this reality with factual clarity,” Mr Mwenda said.

He said the lack of confidence in the G20 framework necessitated a reassessment of approach to garnering trust among stakeholders.

Mr Mwenda said, the UPND administration’s inadequate communication had exacerbated the restructuring impasse with Official Creditor Committee cochaired by China and France stating that there was a major flaw.

“Some of the key concerns include additional challenges such as determining comparability of treatment, handling debt owed to stateowned enterprises, and establishing cut off dates for debt inclusion, demand meticulous attention,” he said.

Mr Mwenda said it was incumbent upon Government to embrace transparency and engage stakeholders comprehensively.

The opposition leader stated that ethical and transparent conduct was paramount to instilling confidence and achieving equitable outcomes in the debt restructuring endeavor.