Light At The End Of The Tunnel On Debt Restructure - CSO Debt Alliance

The Civil Society Organisations (CSO) Debt Alliance has announced its pleasure at the recent announcement made by the International Monetary Fund (IMF) and the World Bank Group that the Official Creditor Committee for Zambia has provided financial assurances necessary for the IMF Executive Board’s approval of a Fund supported programme.

Recent news from the IMF and the World Bank means that the Fund programme may be in place as soon as next month, in time for the 2023 fiscal year.

The CSO Debt Alliance published a press release speaking on the matter on Wednesday, highlighting their pleasure at the work which the new dawn government has completed thus far with regards to debt restructuring.

“Since August 2021, the new dawn governemnt has been demonstrating a renewed resolve to restore fiscal fitness and re-institute debt sustainability. By December 2021, Zambia secured a Staff Level Agreement (SLA) with the IMF as a prelude to an Extended Credit Facility Program (ECF). It is gratifying that these noble efforts have bared fruits as the country prepares itself for the debt restructuring process.”

The statement also highlighted the failed work which the former Patriotic Front government had carried out with regards to a possible debt restructure.