{"id":53105,"date":"2023-12-03T19:26:54","date_gmt":"2023-12-03T19:26:54","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2"},"modified":"2023-12-03T19:37:20","modified_gmt":"2023-12-03T19:37:20","slug":"zambias-mou-with-official-creditors-sets-path-for-economic-development-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2","title":{"rendered":"Zambia\u2019s MOU with Official Creditors Sets Path for Economic Development"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The signing of a Memorandum of Understanding (MOU) between Zambia and its official creditors marks a significant milestone in Zambia\u2019s efforts to address its debt crisis. The Center for Trade Policy and Development (CTPD) believes that this agreement will pave the way for increased resources to be allocated to development projects, thus benefiting the nation\u2019s economic growth.<\/p>\n

Isaac Mwaipopo, the Executive Director of CTPD, emphasized the positive impact of the MOU on Zambia\u2019s quest to alleviate its debt burden. He noted that this development will enable the government to allocate more resources to areas in need of development. In the past, a substantial portion of the government\u2019s budget was directed toward servicing the national debt annually.<\/p>\n

Mwaipopo\u2019s comments come in light of International Monetary Fund (IMF) Managing Director Kristalina Georgieva\u2019s praise for Zambia\u2019s agreement with official creditors. Georgieva has described the MOU as great news and extended her congratulations to the Zambian government for reaching this crucial milestone.<\/p>\n

Zambia and its official creditors reached an agreement on a comprehensive debt treatment in June 2023. The MOU formalizes this agreement and represents an important step toward ensuring long-term debt sustainability. The co-chairs of Zambia\u2019s Official Creditor Committee are China and France, with South Africa serving as Vice-Chair.<\/p>\n

With the signing of the MOU, each official creditor will initiate their internal processes to formalize the agreement. Subsequently, the terms outlined in the MOU will be implemented through bilateral agreements with each member of the Official Creditor Committee.<\/p>\n

The Ministry of Finance and National Planning in Zambia is optimistic that the formalization of the Official Creditor Committee agreement will further support the country\u2019s ongoing efforts to secure a comparable agreement with its private creditors, ultimately resolving the debt overhang.<\/p>\n

The signing of this MOU is seen as a positive step forward in Zambia\u2019s path toward achieving long-term financial stability and fostering economic development.<\/p>\n

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

Africa-Press – Zambia. The signing of a Memorandum of Understanding (MOU) between Zambia and its official creditors marks a significant milestone in Zambia\u2019s efforts to address its debt crisis. The Center for Trade Policy and Development (CTPD) believes that this agreement will pave the way for increased resources to be allocated to development projects, thus […]<\/p>\n","protected":false},"author":84,"featured_media":53104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[234,235,233],"class_list":["post-53105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nZambia\u2019s MOU with Official Creditors Sets Path for Economic Development - Zambia<\/title>\n<meta name=\"description\" content=\"The signing of a Memorandum of Understanding (MOU) between Zambia and its official creditors marks a significant milesto ...\" \/>\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\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zambia\u2019s MOU with Official Creditors Sets Path for Economic Development\" \/>\n<meta property=\"og:description\" content=\"The signing of a Memorandum of Understanding (MOU) between Zambia and its official creditors marks a significant milesto ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2\" \/>\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=\"2023-12-03T19:26:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-03T19:37:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1701619532.75551.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\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=\"2 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\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zambia\u2019s MOU with Official Creditors Sets Path for Economic Development\",\"datePublished\":\"2023-12-03T19:26:54+00:00\",\"dateModified\":\"2023-12-03T19:37:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2\"},\"wordCount\":342,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1701619532.75551.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambias-mou-with-official-creditors-sets-path-for-economic-development-2\",\"name\":\"Zambia\u2019s MOU with Official Creditors Sets Path for Economic Development - 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