By SHERRY CHABALA
STANBIC Bank has projected an increase in investment following Zambia’s success in clinching the debt restructuring deal with its creditors.
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Stanbic Bank chief executive officer Mwindwa Siakalima says the recently clinched debt restructuring deal was likely to attract foreign and direct investment in Zambia.
Mr. Siakalima said the debt restructuring deal would give Government more time to direct resources to the right economic and social sectors for the development of the country.
He said the deal was a step in the right direction of improving Zambia’s economy which had been yoked with debt burden.
Mr Siakalima has urged the private sector to support Government efforts in ensuring stability of the economy through improvement of key sectors that support economic development.
He said the period of non-payment of debt that had been provided through the debt restructuring deal should be used prudently so that when the period elapsed, Zambia would be able to pay back the debt.
“We need to utilise non-payment of Zambia’s debt period prudently so that when the time to pay comes, we should able to pay and not default. This is the time to ensure the country’s economy improve because we have ample time to mobilise resources as well as attract investment,” Mr Siakalima said.
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