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Zambia Association of Manufacturers, ZAM, has congratulated President Hakainde Hichilema and his team, for reaching an agreement with Bond holders to restructure over $3.5bn debt, saying the inherited debt had created uncertainty for the private sector as well as for would be investors, thereby affecting potential growth in the domestic economy.

On Monday, Zambia reached an agreement with the OCC and other Bondholders to restructure 75% of the debt, leaving only 25% owed to other commercial creditors in the various stages of the debt restructuring process.

Commenting on the development, ZAM President, Ashu Sagar, said he is hopeful that debt restructuring will enhance opportunities for Investment in the economy and the Manufacturing sector in particular.

“We look forward to working closely with the Government to leverage this positive momentum for the advancement of Zambia’s Manufacturing sector and its contribution to the national economy,” said Mr. Sagar in a statement issued to RCV News in Lusaka today.

He also urged the remaining Commercial Creditors to expedite and resolve the last part of the debt negotiations process so that Zambia can continue its pursuit of sustainable economic growth.

 By Eva Hatontola

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