By BUUMBA CHIMBULU in Dakar
ZAMBIA has been used as a case study on the efficiency of the G20 Common Framework in providing debt treatment at the third African Conference on Debt and Development (AfCoDD III) taking place in Dakar, Senegal.
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This was during a break away session focussing on “Efficiency of the G20 Common Framework in Providing Debt Treatment” which focussed on experiences from Zambia being the first African country to be on the G20 Common Framework debt deal.
The session, which took place yesterday, examined Zambia’s debt situations within the broader context of the African debt challenges.
Peter Mumba, Civil Society Organisation (CSO) Debt Alliance Coordinator made a presentation on “Profiling Zambia’s experience under the G20 Common Framework” during the session. In his presentation, Mr Mumba highlighted that Zambia’s case showed progress could be made to render the Common Framework more workable to restructure LICs sovereign debt
He pointed out that Zambia’s case also exemplifies the call for a “New Debt Movement” and outlook that was needed to address issues of domestic resource mobilisation and equitable investment in public services in Africa.
Mr Mumba however indicated that the success of the International Monetary Fund (IMF) programme depended on generating consensus among key stakeholders on the need for reforms.
He also indicated that more needed to be done to refine a comprehensive, efficient, and effective sovereign debt restructuring procedure.
Earlier in opening the session, Centre for Trade Policy and Development Executive Director, Isaac Mwaipopo said there were a number of both lessons and challenges that other countries could take away from Zambia’s experiences.
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