Government signs debt restructuring deal with France
By Rosemary Kamanga
Government has signed a bilateral debt restructuring agreement with France.
The agreement was signed this evening by Finance and National Planning Minister SITUMBEKO MUSOKOTWANE and French representative WILLIAM ROOS.
The agreement marks a critical milestone in implementing the recommendations outlined in the Memorandum of Understanding -MoU signed in October 2023.
The agreement is also the first to be concluded following the MoU and paves the way for the finalisation of an additional 15 agreements with other creditor countries.
The agreements aim to ensure comprehensive debt treatment that supports Zambia’s economic recovery efforts.
Dr. MUSOKOTWANE expressed gratitude to the French government, the G20, and the Paris Club for their commitment to fostering a fair and effective resolution of Zambia’s debt challenges.
He said the agreement was made possible following President HAKAINDE HICHILEMA’s meeting with French President EMMANUEL MACRON to help restructure the country’s debt.
Dr. MUSOKOTWANE said the agreement will help reduce the country’s financial pressures.
And Mr. ROOS said the agreement shows France’s support to the country through helping restructure its debt.
He acknowledged the importance of the two countries working together, adding that it helps create space for trust.
Mr. ROOS further acknowledged Zambia as the first country France has given financial assistance to implement the debt restructuring MOU effectively.
