{"id":28199,"date":"2022-08-04T21:32:57","date_gmt":"2022-08-04T21:32:57","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf"},"modified":"2022-08-04T21:46:08","modified_gmt":"2022-08-04T21:46:08","slug":"zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf","title":{"rendered":"Zambia debt relief pledge clears way for $1.4 billion program, says IMF"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Zambia\u2019s creditors pledged to negotiate a restructuring of the country\u2019s debts on Saturday, a move IMF managing director Kristalina Georgieva welcomed as \u201cclearing the way\u201d for a $1.4 billion Fund program.<\/p>\n

The creditor committee, co-chaired by China and France, said in a statement released by G20 chair Indonesia that it supported Zambia\u2019s \u201cenvisaged IMF upper credit tranche program and its swift adoption by the IMF Executive Board\u201d.<\/p>\n

Zambia\u2019s creditor committee said that the restructuring terms would be finalised in a memorandum of understanding, without providing further details. It also called on private creditors to \u201ccommit without delay\u201d to negotiating debt relief on terms at least as favourable.<\/p>\n

\u201cVery pleased the Official Creditor Committee for Zambia has provided its financial assurances clearing the way for a Fund program,\u201d IMF managing director Kristalina Georgieva said in a tweet.<\/p>\n

\u201cThis shows the potential of the G20CommonFramework for debt treatment to deliver for countries committed to dealing with their debt problems,\u201d Georgieva said in the tweet.<\/p>\n

\u201cThe delivery of these financing assurances will enable the IMF Executive Board to consider approval of a Fund-supported program for Zambia and unlock much needed financing from Zambia\u2019s development partners,\u201d Georgieva said in a statement released by the IMF after her tweet.<\/p>\n

Zambia reached a staff-level agreement with the IMF on a $1.4 billion three year extended credit facility in December, conditional upon its ability to reduce debt to levels the Fund deems sustainable. Zambia\u2019s government welcomed the creditors\u2019 pledge and its unlocking of IMF support.<\/p>\n

\u201cZambia remains committed to implementing the much needed economic reforms, being transparent about our debt and ensuring fair and equitable treatment of our creditors,\u201d finance minister Situmbeko Musokotwane said.<\/p>\n

The first creditor meeting was held in June, after Zambia\u2019s government complained of delays to the restructuring. Talks are taking place under the Common Framework, a debt relief process launched by the Group of 20 major economies in 2020 that has been criticised by some for being slow to yield results. Below is the full statement<\/p>\n

IMF Managing Director Welcomes the Statement by the Creditor Committee for Zambia under the Common Framework for Debt Treatments<\/b><\/p>\n

July 30, 2022 Following the statement issued on July 30 by the Creditor Committee for Zambia under the Common Framework for Debt Treatments beyond the DSSI, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement:<\/p>\n

\u201cI am very pleased to welcome the statement issued on July 30 by the Official Creditor Committee for Zambia. The support from the Official Creditor Committee for Zambia\u2019s envisaged IMF-supported program, together with its commitment to negotiate debt restructuring terms, accordingly, provides the IMF with official financing assurances. I strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments.<\/p>\n

\u201cThe delivery of these financing assurances will enable the IMF Executive Board to consider approval of a Fund-supported program for Zambia and unlock much needed financing from Zambia\u2019s development partners.<\/p>\n

\u201cI would like to thank the members of the Creditor Committee for their work on Zambia\u2019s request for a debt treatment. It shows that progress is being made in implementing the G20\u2019s Common Framework and recognizes the strong reform efforts of the Zambian authorities to restore macroeconomic stability and foster higher, more resilient, and inclusive growth. This support for the G20 Common Framework demonstrates that international partners are coming together to help countries resolve their debt issues, sending a strong signal to other countries looking to restore debt sustainability, achieve sustainable growth and poverty reduction.\u201d<\/p>\n

On December 3, 2021, IMF staff reached staff level agreement with the Zambian authorities on a new arrangement under the Extended Credit Facility (ECF) for 2022-2025 in the amount of about SDR 980 million or about $1.3 billion.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Zambia\u2019s creditors pledged to negotiate a restructuring of the country\u2019s debts on Saturday, a move IMF managing director Kristalina Georgieva welcomed as \u201cclearing the way\u201d for a $1.4 billion Fund program. The creditor committee, co-chaired by China and France, said in a statement released by G20 chair Indonesia that it supported Zambia\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":28198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,233],"class_list":["post-28199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nZambia debt relief pledge clears way for $1.4 billion program, says IMF - Zambia<\/title>\n<meta name=\"description\" content=\"Zambia\u2019s creditors pledged to negotiate a restructuring of the country\u2019s debts on Saturday, a move IMF managing director ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zambia debt relief pledge clears way for $1.4 billion program, says IMF\" \/>\n<meta property=\"og:description\" content=\"Zambia\u2019s creditors pledged to negotiate a restructuring of the country\u2019s debts on Saturday, a move IMF managing director ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-04T21:32:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-04T21:46:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/08\/postQueueImg_3-62ec3e089cc65.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zambia debt relief pledge clears way for $1.4 billion program, says IMF\",\"datePublished\":\"2022-08-04T21:32:57+00:00\",\"dateModified\":\"2022-08-04T21:46:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf\"},\"wordCount\":651,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/08\/postQueueImg_3-62ec3e089cc65.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-debt-relief-pledge-clears-way-for-1-4-billion-program-says-imf\",\"name\":\"Zambia debt relief pledge clears way for $1.4 billion program, says IMF - 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