CSPR welcomes cancelation of Zambia’s debt

CSPR Executive Director Patrick Nshindano

The Civil Society for Poverty Reduction (CSPR) says the cancelation of 80% of Zambia’s debt by Brazil will provide relief to the treasury to invest in key sectors of Zambia’s economy.

Brazil and Zambia last week signed a US$ 90.7 million debt write-off.

Before the debt write-off was executed, Zambia owed the South American economic giant a consolidated amount of US$ 113. 4 million of which 80% has now been written off, and US$ 22.7 million or 20% rescheduled for repayment in two equal installments to be paid by March, 2018.

In welcoming the debt write-off, CSPR Executive Director Patrick Nshindano has advised the Zambian Government to learn lessons and ensure debt levels are sustainable.

Mr. Nshindano has told QTV News that the debt write off will have a positive impact on the country’s economy as the US$90.7 million forgiven debt can be used for other important programs.

He has since encouraged the government to ensure borrowed money is used prudently.