Minister of Finance and National Planning Situmbeko Musokotwane says the over $3.5 Billion debt restructuring agreement with Eurobond Holders, will strengthen confidence in the economy and currency, opening the door to increased foreign direct investment.
Delivering a ministerial statement in Parliament this morning on the debt restructuring agreement between Zambia and the steering committee of the ADHOC creditor Eurobonds, Dr. Musokotwane said that the agreement will free up financial resources which will be channelled to other critical sectors of the economy.
Dr. Musokotwane said that government and the Bondholders are now working around the clock to finalize the documentation required to implement the agreement.
“, It should be noted that the debt service payments that will be made by Government will be significantly lower than what would have been paid if the debt was not restructured,” Said Dr. Musokotwane.
He said that government will going forward require funds to be made available in the national budget to meet the obligations falling due to the debt agreement.
By Angel Kasabo
