Q FM Africa's Modern Radio
Finance and National Planning Minister Situmbeko Musokotwane has asked Zambia’s bilateral creditors to as soon as possible form a Creditor Committee that will formally evaluate the country’s debt treatment request with the objective of providing financing assurances to the IMF Board of Directors as soon as practicable.
Speaking during a recent virtual gathering of bilateral creditors, Dr Musokotwane stressed the importance of building on the current momentum and start implementing the economic and financial recovery program.
He has reassured the creditors that government is fully committed to fulfill its commitments and obligations in the context of the common framework, notably in respect of the comparability of treatment among creditors.
Dr Musokotwane says government will maintain a high degree of transparency with members of the creditor committee and keep the secretariat regularly informed of the progress made in that regard.
The Finance Minister informed the creditors that over the past three months, long-awaited measures were decided, providing for a greater independence of the central bank, higher flexibility in the implementation of the monetary policy, increased transparency in the procurement processes, enhanced control of budget spending and indebtedness, and the transition towards cost reflective tariffs in gasoline and utility products.
He further told the gathering that the debt sustainability analysis prepared in coordination with the IMF has exhibited the need for a restructuring of Zambia’s debt, the reason why the country has applied to benefit from the common framework for debt treatment.