Thursday 4 August, 2022.
This document (the “Document”) has been prepared by the Ministry of Finance of the Republic of Zambia (the “Republic”) with the assistance of its financial advisor Lazard Frères and legal advisor White & Case LLP (together, the “Advisors”) for the attention of the Republic’s creditors (each a “Recipient”) solely to update creditors on the Republic’s debt situation (the “Purpose”).
While the Republic has used all reasonable efforts to ensure that the factual information contained herein is correct, accurate and complete in all material respects at the date of publication, neither the Republic, nor any of the Advisors, nor any of their respective related or affiliated bodies or entities, nor their or their affiliates’ respective stakeholders, directors, partners, officers, employees, advisers or other representatives, if any (together, the “Zambian Parties”), make any warranty or representation, expressed or implied, concerning the relevance, accuracy or completeness of either the information or the analyses of information contained herein or any other written, oral or other information made available to any Recipient in connection therewith including, without limitation, any historical financial information, the estimates and projections, and any other financial information, and nothing contained in this Document is, or may be relied upon as, a promise or representation, whether as to the past or the future. Except insofar as liability under any law cannot be excluded, the Zambian Parties shall have no responsibility arising in respect of the information contained in this Document or in any other way for errors or omissions (including responsibility to any person by reason of negligence).
This Document does not purport to be all-inclusive or to contain all the information that a Recipient may require in its assessment of the Purpose. Further, this Document has not been prepared with regard to the investment objectives, financial situation and particular needs of the Recipient. No Recipient is thus entitled to rely on this document for any purpose whatsoever and any Recipient should conduct their own independent review and analysis of the information contained in or referred to in this Document and consult their own independent advisers as to legal, tax and accounting issues when assessing the Purpose. The information in this presentation reflects conditions, including economic, monetary and market prevailing as of August 2022, all of which are subject to change.
This Document may contain certain forward-looking statements, estimates, targets and projections prepared on the basis of information provided by the Republic. Such statements, estimates and projections involve significant subjective elements of judgment and analysis which may or may not prove to be correct. There may be differences between forecast and actual results because events and circumstances frequently do not occur as forecast and these differences may be material. There can be no assurance that any of the estimates, targets or projections will be met. Accordingly, none of the Zambian Parties shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this Document and any such liability is expressly disclaimed.
This Document has been prepared exclusively for information purposes. Neither this Document nor any information contained therein does or will form part of any legal agreement that may result from the review, investigation and analysis of this Document by its Recipient and/or the Recipient’s representatives. Neither this Document nor the information contained herein constitutes any form of commitment, recommendation or offer (either expressly or impliedly) on the part of any Zambian Parties. The Republic reserves any rights it may have in connection with any of its debt obligations and nothing contained in this Document shall be construed as a waiver or amendment of such rights.
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Update on the Debt Situation Creditor Engagement and IMF Program