Africa-Press – Zambia. GOVERNMENT has signed an agreement with Italy to restructure a €94.6 million debt facility, extending the repayment period from 2027 to 2043 in a move aimed at easing the country’s financial obligations.
Minister of Finance and National Planning Dr. Situmbeko Musokotwane says the original loan used to finance supplies for the Ministry of Defence signed in June 2018 was due to mature in 2027 but has now been successfully restructured to mature in 2043.
Dr. Musokotwane has further disclosed that the government has resumed servicing debt repayments on all finalized restructuring agreements, signalling renewed commitment to meeting its financial obligations.
Meanwhile, Enrico De Agostini, Italian Ambassador to Zambia says Zambia’s commitment to settling its debt obligations opens the door for increased trade and investment support from Italian financial institutions and strengthens economic ties between the two nations.
Ambassador De Agostini noted that throughout the restructuring process, Italy has acted as more than just a creditor.
He says within the G7 and G20 frameworks, Italy has consistently advocated for a human-centered approach to debt sustainability.
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