Govt has in 2018 paid over US$ 800 million in debt service

Minister of Finance Margaret Mwanakatwe says government has this year so far paid over US$ 800 million in debt service.

Mrs. Mwanakatwe says government has also not registered any default in debt repayment.

She says had this not been so, investors in Zambia’s Eurobonds and other financing facilities would have activated cross-default provisions in accordance with international debt market regulations.

Mrs. Mwanakatwe says  government’s thoughts resonate with the thoughts of Zambia’s development partners that debt vulnerabilities pose the risk of reversing the benefits of earlier debt relief initiatives.

She states that this is why within the current session of Parliament, she will present specific details on the implementation of austerity measures related to debt.

Mrs. Mwanakatwe disclosed this in her speech on the 2018 Annual Meetings of the International Monetary Fund and the World Bank Group held in Bali, Indonesia.

And Mrs. Mwanakatwe has described the annual meetings as having been successful.

She notes that the successful bilateral meetings her delegation held in Bali are signals that Zambia’s economic reform policies and programmes are of international market standard.

Mrs. Mwanakatwe is optimistic that these policies and programmes will continue to attract quality stakeholder interest, both locally and in the international community.

Her delegation to Bali included Minister of National Planning Alexander Chiteme, Secretary to the Treasury  Fredson Yamba and Deputy Secretary to the Cabinet  Christopher Mvunga.

Others are  Bank of Zambia (BoZ) governor Denny Kalyalya, Ministry of National Planning Permanent Secretary Chola Chabala, and Ministry of Finance Permanent Secretary Mukuli Chikuba.