The Zambia Civil Society Debt Alliance says the signing of a Memorandum of Understanding between Zambia and its official creditors has paved the way for the country to receive it’s third Instalment from the International Monetary Fund -IMF.
CSO Debt Alliance Coordinator PETER MUMBA says since Zambia has met most of the benchmarks for it’s IMF program, the signing of the MoU will make it even easier for Zambia to get it’s third Instalment of 185 United States million dollars.
Speaking in an interview with ZNBC News in Lusaka this morning, Mr. MUMBA said the MoU will also lead to the country spending more money in social sectors that need attention.
He said even the amount budgeted for servicing external debt will now be reduced due to the restructuring and this will free up resources for spending locally.
And Action Aid Zambia Project Coordinator for Tax and Education Alliance UCIZI NGULUBE says the signing of the MoU between Zambia and its official creditors is a milestone in Zambia’s quest to get out of it’s debt crisis.
Mr. NGULUBE says the MoU will lead to better ways of restructuring the debt and give the country breathing space.
Meanwhile, Consumer Unity and Trust Society -CUTS International Programmer Officer ALLAN CHITWAMALI says now that the signing of the MoU has been done, Zambia must now focus on negotiating with private creditors.
Mr. CHITWAMALI says reaching an agreement with the private creditors will be a big step in solving the debt problem because they too need to buy into the agreement signed with official creditors.
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