{"id":33107,"date":"2022-10-24T21:07:08","date_gmt":"2022-10-24T21:07:08","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts"},"modified":"2022-10-24T21:32:09","modified_gmt":"2022-10-24T21:32:09","slug":"musokotwane-tells-africa-dont-wait-to-rework-debts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts","title":{"rendered":"Musokotwane tells Africa: Don\u2019t Wait to Rework Debts"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Finance Minister Situmbeko Musokotwane urged other African nations considering using the Group of 20\u2019s Common Framework mechanism to restructure unaffordable debt to act quickly.<\/p>\n

Africa\u2019s first pandemic-era sovereign defaulter has been using the template to rework external liabilities totaling $12.8 billion. In recent weeks, Nigeria and Ghana have announced they\u2019re considering revamping their liabilities.<\/p>\n

Rising interest rates and a surging dollar may push more nations into default as they struggle to pay for imports from fuel to food. The Common Framework is the best option for governments of poor countries, even though progress has been slow, Musokotwane said in an interview.<\/p>\n

\u201cI would encourage my colleagues from the other African countries not to hesitate but to come forth and get their problems solved,\u201d he said in Washington, where he\u2019s attending the World Bank and International Monetary Fund annual meetings.<\/p>\n

\u201cThis is the only viable option as of now that is available for countries to resolve their debt unsustainability.\u201d Musokotwane\u2019s endorsement comes after criticism that the process has moved too slowly. Zambia has been struggling to complete a complex debt restructuring since starting the process more than two years ago.<\/p>\n

The nation has secured a crucial $1.3 billion IMF assistance package and received assurances from a committee of bilateral creditors that they\u2019re willing to negotiate, but is yet to agree on the broad terms of any deal.<\/p>\n

The government also needs to bargain with holders of its outstanding $3 billion in eurobonds, along with other commercial creditors. \u201cWe are pushing as hard as we can\u201d to sign a memorandum of understanding with the official bilateral creditors, Musokotwane said.<\/p>\n

\u201cI will be very delighted if it can happen before the end of this year.\u201d Zambia\u2019s restructuring is a test case for how Chinese creditors will negotiate together with other bilateral lenders and bondholders.<\/p>\n

The government is one of three globally to use the G-20 framework as a coordinating mechanism to rework liabilities. Chad and Ethiopia are the other two. Chinese lenders account for more than one-third of Zambia\u2019s external debt, according to the finance ministry.<\/p>\n

The government isn\u2019t seeking to rework all of its dollar liabilities, including those owed to multilateral development financial institutions, the ministry said on Oct. 7.<\/p>\n

\u201cWe are comforted by the fact that there is commitment and everybody realizes that this is really the way,\u201d Musokotwane said. \u201cThere is no other way for Zambia to follow if we\u2019re to get to debt resolution.\u201d The nation hopes to hold its third official creditors committee meeting \u201cin weeks rather than months,\u201d he said.<\/p>\n

Zambia last week said it needs external creditors to reduce the net-present value of their loans by $6.3 billion, or 49% of the face value of the $12.8 billion foreign debt the government is trying to restructure.<\/p>\n

Negotiations over the relief are yet to start and preparations are underway to plan for the meetings, the finance minister said. More key quotes from the interview:<\/p>\n

\u2022 On the Common Framework: \u201cFor us, it has moved us from a situation where one year ago things appeared gloomy to now, where there\u2019s so much interest and optimism about what is happening in Zambia. That gives me hope that we are headed in the correct direction.\u201d<\/p>\n

\u2022 On timing for concluding debt restructuring: \u201cWe\u2019ll continue to push very hard so that if it happens before the end of this year, well and good. If it happens in the next quarter, we will not be very happy but at least we\u2019d have moved. But we will continue to push as hard as possible so that we achieve this as quickly as possible.\u201d<\/p>\n

\u2022 On Zambia requesting a 49% reduction in net present-value of the debt it\u2019s seeking to restructure: \u201cWe are mindful of the fact that this is what\u2019s required to do the job properly.\u201d<\/p>\n

\u2022 \u201cThe process to resolve this debt issue is obviously a very important one. This is really a step into the future, also, to resolve the issues of the economy and make Zambia once more a respectable participant in the world economy.\u201d<\/p>\n

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

Africa-Press – Zambia. Finance Minister Situmbeko Musokotwane urged other African nations considering using the Group of 20\u2019s Common Framework mechanism to restructure unaffordable debt to act quickly. Africa\u2019s first pandemic-era sovereign defaulter has been using the template to rework external liabilities totaling $12.8 billion. In recent weeks, Nigeria and Ghana have announced they\u2019re considering revamping […]<\/p>\n","protected":false},"author":84,"featured_media":33106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,248],"tags":[234,235,233],"class_list":["post-33107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nMusokotwane tells Africa: Don\u2019t Wait to Rework Debts - Zambia<\/title>\n<meta name=\"description\" content=\"Finance Minister Situmbeko Musokotwane urged other African nations considering using the Group of 20\u2019s Common Framework ...\" \/>\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\/musokotwane-tells-africa-dont-wait-to-rework-debts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Musokotwane tells Africa: Don\u2019t Wait to Rework Debts\" \/>\n<meta property=\"og:description\" content=\"Finance Minister Situmbeko Musokotwane urged other African nations considering using the Group of 20\u2019s Common Framework ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts\" \/>\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=\"2022-10-24T21:07:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-24T21:32:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/10\/postQueueImg_13-6357044260a2b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\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=\"4 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\/musokotwane-tells-africa-dont-wait-to-rework-debts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Musokotwane tells Africa: Don\u2019t Wait to Rework Debts\",\"datePublished\":\"2022-10-24T21:07:08+00:00\",\"dateModified\":\"2022-10-24T21:32:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts\"},\"wordCount\":698,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/10\/postQueueImg_13-6357044260a2b.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/musokotwane-tells-africa-dont-wait-to-rework-debts\",\"name\":\"Musokotwane tells Africa: Don\u2019t Wait to Rework Debts - 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