IT’S NOT THE END FOR ZAMBIA – NG’ANDU

By BUUMBA CHIMBULU
DEFAULTING on debt repayment is not the end of the world because Government is still negotiating with the bondholders, says Finance Minister, Bwalya Ng’andu.
Dr Ng’andu said the decision by bondholders to reject Government’s request for a six months debt standstill did not meant it was the end of the world for Zambia.
Government missed payment of US$42.5 million coupon on one of its dollar denominated sovereign bonds last week on Friday.
Dr Ng’andu said however that Government was still negatiating with the bondholders. This minister said this during the 2020 Insurance Awards ceremony in Chongwe last Friday evening.
“When we say we have defaulted, it does not mean the world has come to an end, we are still talking and we are sure at some point we will be able to get some reasonable response,” he said.
Dr Ng’andu stressed that paying bondholders after requesting for a debt standstill would have affected Zambia’s credibility.
Meanwhile, Dr Ng’andu encouraged players in the insurance industry to develop a custom of excellence and begin to work in a way of providing quality work.
Pensions and Insurance Authority (PIA) acting Registrar, Tresford Chiyavula said the awards recognised the hardworking players in the insurance sector.
Mr Chiyavula said the most deserving winners were picked for the awards.
“Seize the opportunity and ensure all we can to drive the industry to better heights. Winners should strive to do better and not to be reluctant,” he said.
And Insurers Association of Zambia (IAZ) president, Christabel Banda, stressed the need for the insurance industry to show now more than ever during the Covid-19 its relevance as risk management experts.
Ms Banda said this could be done by continuing to provide and in some cases revise some of the insurance products on offer to help people save and invest for troubled times, and respond to misfortunes when they occurred