Zambia’s debt needs restructuring-Musokotwane

 Zambia’s debt needs restructuring-Musokotwane

By Maimbo Mwemba
Finance and National Planning Minister Situmbeko Musokotwane says Zambia’s debt needs to be restructured because it is unsustainable.

Dr Musokotwane said government is committed to the debt restructuring process and economic transformation through the Eighth National Development Plan (8NDP) and strong public and private sector business linkages.

“I am calling for more Japanese investment in Zambia as a way of complimenting the efforts Government is making in attracting investors from all regions. Government’s agenda is to ensure greater economic sustainability, job creation and wealth formation,” he said.

Dr Musokotwane was speaking in Accra, Ghana during a bilateral meeting with Japanese vice Minister of Finance Masato Kanda complimented government efforts in attracting investors to Zambia.

Dr Musokotwane also held bilateral talks with India and the African Development Bank.

The Minister is in Accra for the ongoing Annual Meetings of the African Development Bank Group – 23rd to 27th May, 2022.

And Japanese vice Minister of Finance Mr Kanda outlined that climate action related investment was currently very essential and should be pursued.

Mr Kanda said that Japanese investors are looking for success stories from Africa that have a positive demonstration effect on prospective investors.

“Japan will be holding the TICAD International Conference in August, 2022, at which event; the Japanese private sector will be exploring collaboration with partners from Africa. We are also quite happy to explore other channels of private sector investment through the African Development Bank, the World Bank, and other establishments for supply chain diversification. Our Tokyo Office of the AfDB is a platform for Japanese firms to collaborate with their counterparts in Africa,” he said.

Mr Kanda also said that under the G-20 common framework, ‘countries lenders countries’ should be open to restructuring and reduction through careful, and diligent dialogue – based on clear understanding of the economic realities of the countries in debt crisis.

“The time for private investment to be channeled towards Africa is now, because the continent has an edge over other regions of the world due to its young and expanding population. Investments should come to Africa from the savings made in places facing declining populations like Japan,” he said