Finance and National Planning Minister Situmbeko Musokotwane says Zambia has experienced significant challenges in coordinating non-bond commercial creditors, which has resulted in lengthy negotiation processes in the debt restructuring process.
The Minister has since called for a more robust coordination mechanism for non-bonded creditors in order to minimize coordination challenges.
In a statement issued to RCV News by the Office of the Secretary to the Treasury states that Dr. Musokotwane, who was speaking during the G-20 Global Sovereign Round Table in Washington DC, held on the sidelines of the ongoing 2025 Spring Meetings of the International Monetary Fund and the World Bank Group, requested the august assembly to engage more with regional development banks under G-20 Common Framework.
“Information sharing among key players at early stages of debt restructuring process helps to facilitate the predictability of milestone completion timelines and the debt distress situation of debtor countries,” said Dr. Musokotwane.
Dr. Musokotwane who is accompanied to the Spring Meetings by Secretary to the Treasury Felix Nkulukusa, Bank of Zambia Governor Denny Kalyalya and Zambia Revenue Authority Commissioner General Dingani Banda said Zambia, has so far signed a bilateral agreements with France and Saudi Arabia but expects t sign a substantial number of additional bilateral agreements by September 2025.
By Margaret Mwanza
