By BUUMBA CHIMBULU
A decision on whether or not Zambia’s official creditors will give the country debt relief and extension is currently holding progress to reach an agreement with the International Monetary Fund (IMF).
To this effect, the IMF programme is currently dependent on the positive outcome from the official creditors.
Minister of Finance and National Planning, Dr Musokotwane said lack of financial assurance from Zambia’s official creditors was what was delaying as the IMF needed assurance from the creditors concerning Zambia’s debt.
He however said Government was confident of a positive outcome which is expected to be announced by end of this week following a meeting by the creditors on Monday this same week.
This is according to the Finance and National Planning Minister, Situmbeko Musokotwane, in an interview yesterday in Lusaka on the sidelines of the 5th Specialised Technical Committee on Finance, monetary affairs, economic planning and integration. Dr Musokotwane expressed confidence of a positive outcome from the creditors as Government has done everything needed in order to get the financial assurances.
He regretted that it was impossible for Zambia to be on an IMF programme without financial assurances from the creditors.
“We cannot get into an IMF programme without financial assurances from these creditors. Assurance to restructure Zambia’s debt that is sustainable so this is what we are now waiting to hear whether that assurance is now available or if we have to meet them again.
“We are very hopeful that the assurance will come through because we have done everything on our side of what is needed to get the assurance. So we have done everything. The creditors met on Monday so we are hopeful that they release it this week either way,” Dr Musokotwane said.
He also banked his optimism on recent statements from the IMF and the World Bank urging creditors to assist with financial assurances.
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