By Ireen Mulenga
The Ministry of Finance Budget and Economic Affairs Permanent Secretary Emmanuel Pama says the country remains committed to restoring public debt sustainability and maintaining transparent engagement with all creditors.
Dr Pamu said this when the Ministry held a virtual meeting for an update on the country’s macroeconomic and fiscal situation, engagement with the IMF, and the authorities’ strategy to restore public debt sustainability.
He said that the ongoing Covid-19 crisis has created major challenges for them.
He said t
“This meeting gives me an opportunity to reiterate our strong commitment to resolve this situation and devise, with your assistance and cooperation, a responsible and sustainable solution to our debt problems,” he said.
Dr Pamu and his team from the Ministry of Finance and the Bank of Zambia used the occasion to respond to questions from the creditors pertaining to Zambia’s macroeconomic situation, engagement with the IMF, and the debt restructuring exercise.
The Permanent Secretary requested all participating banks and respective Export Credit Agencies
to consider forming a Private Creditor Coordination Committee to enhance communication and transparency, going forward.
He said that Zambia’s Eurobond holders have already constituted a similar arrangement.
Dr puma said the Government is in the process of engaging bilateral creditors under the G20 Common Framework, with a view to also encourage them to form a similar coordination arrangement.
“I want to thank all the investors for participating in this highly productive virtual meeting, which we
hope, further demonstrates the Zambian Government’s commitment to remain transparent and work
closely with all our creditors as we make progress towards restoring Zambia’s public debt sustainability, “he said.
He said that it is the Government’s sincere hope that the process will result in the formation of a Private Creditor Coordination Committee to facilitate greater communication and data dissemination going forward.
