Business News by Kuleka Runaidah l Melo News.
The Zambia Association of Manufacturers (ZAM) has congratulated President Hakainde Hichilema, his team, and the Government of the Republic of Zambia for reaching the agreement with the Bond holders and securing the way
forward for our Country.
In a statement issued today the President of ZAM Mr Ashu Sagar notes that despite having experienced some setbacks in the negotiation of the debt restructuring, the
Government has shown steadfast commitment and strategic approach in successfully reaching an agreement to restructure its national debt relating to Eurobonds due in 2022, 2024 and
2027.
He says that after reaching agreements with the OCC and other Bondholders, 75% of the debt has been restructured leaving only 25% owed to other commercial creditors in various stages of
the debt restructuring process.
Therefore he expressed concern stating that they hope that the debt restructuring will be able to free up resources necessary for investment in important Government sectors in order to achieve a sustainable debt servicing strategy.
Mr Sagar says debt situation had created much uncertainty for the private sector as well as for would be investors, hence affected potential growth in the domestic economy.
He states that they are confident that Zambia’s credibility among International Community and various lending Institutions will be restored.
