By Ruth Chayinda
Economics Association of Zambia -EAZ- has congratulated the Government for the advancement made in debt treatment saying the Memorandum of Understanding agreed upon formalizes the agreement reached in June with official creditors.
EAZ Interim President ISAAC NGOMA says the MoU was the missing link but now that it has been agreed upon, the country has a window of formalizing and concluding the debt restructuring deal with each of the official creditors.
Mr. NGOMA says this will also allow the country to ascertain its debt profile and the period in which the debt will be paid.
He says this will also trigger the government to further engage the private creditors despite their different demands so that they come to a comparable agreement.
In an interview with ZNBC News, Mr. NGOMA explained that doing so will enable the government to review its fiscal position, plan better and invest in the country’s growth.
And, PriceWaterHouseCoopers Country Senior Partner ANDREW CHIBUYE said the MoU agreed upon will set up the actual process of Zambia starting to repay its debt on the terms, extensions and interests.
Mr. CHIBUYE said the agreed MoU also signals progress with private creditors as debt negotiations under the G20- Common framework set the tone .
He said it is a significant step that the country has awaited for since June and has put Zambia in a position to get back on track with debt sustainability, rebuilding credibility and growing the economy .
Mr. CHIBUYE noted that it is a positive development that will see investment into the country and build a foundation for remaining negotiations with the private creditors .
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