By Cindy Mulomba
Zambia and the United Kingdom have signed a bilateral debt restructuring agreement under the G20 Common Framework, marking the successful conclusion of negotiations between the two countries.
Speaking at the signing ceremony in Lusaka, Finance and National Planning Minister Dr. Situmbeko Musokotwane said the agreement will ease debt servicing pressures and create fiscal space for government to prioritize key infrastructure and social sector investments.
Dr. Musokotwane noted that Zambia has made significant progress in restructuring its debt with support from cooperating partners, including the International Monetary Fund, and emphasized that government is now shifting focus towards accelerating economic growth as part of its reform programme.
Meanwhile, British High Commissioner to Zambia Rebecca Terzeon commended government for successfully restructuring 100 percent of its official public debt. She highlighted Zambia’s transparency and determination as key factors in achieving progress under the G20 Common Framework.
Ms. Terzeon further noted that financing from UK Export Finance has supported major health infrastructure projects, including the construction of five district hospitals and over 100 mini-hospitals across the country.
