Zambia and Japan sign debt relief agreement

 Zambia and Japan sign debt relief agreement

Zambia flag combined with japan flag

Zambia and Japan have signed an agreement concerning debt relief measures for Zambia under the G20 Debt Service Suspension Initiative amounting to approximately 822,000 US Dollars.

The exchange of notes follows conclusions of consultations between representatives of the Government of Zambia and of the Governments of the Paris Club creditor countries, which took place in Paris in August 2020.

Japanese Ambassador to Zambia Mizuuchi Ryuta and Secretary to the Treasury Fredson Yamba signed on behalf of the two countries.

Japanese Embassy First Secretary Economic Affairs Tomita Makoto said under the initiative, the Government of Japan has offered debt relief measures in the form of deferral to be taken by the Japanese International Cooperation Agency JICA.

“The debts to be deferred consist of those payable under loan agreements concluded before March, 24, 2020 between the Government of Zambia and JICA on the extension of yen loans, the total amount of deferred debts will be paid in six equal semi-annual installments beginning  June, 15, 2022, ” he said.

Mr Tomita said Japan has been consistently supporting Zambia’s efforts to achieve debt sustainability in the wake of the severe impact of Covid-19 pandemic on the economy.