Mukuni Zunduna, Author at Ministry of Finance and National Planning

Government of the Republic of Zambia Reaches Agreement on Debt Restructuring Terms with the Steering Committee of the Ad Hoc Creditor Committee of holders of Zambia’s Eurobonds

The Government of the Republic of Zambia (the “Government”) and the Steering Committee (the “Steering Committee”) of the Ad Hoc Creditor Committee (the “Committee”), have reached agreement in principle on the key commercial terms of a proposed restructuring transaction (the “Restructuring”) relating to the Government’s bonds due 2022, 2024 and 2027 (the “Bonds”, and the holders… Continue reading Government of the Republic of Zambia Reaches Agreement on Debt Restructuring Terms with the Steering Committee of the Ad Hoc Creditor Committee of holders of Zambia’s Eurobonds

US$100 MILLION WORLD BANK GRANT FOR PHASE 1 OF THE NATIONAL ENERGY ADVANCEMENT AND TRANSFORMATION (NEAT) PROGRAMME (2023 TO 2033), ELATES THE GOVERNMENT

We are pleased with the announcement by the World Bank that an immediate disbursement of US$100 million GRANT for phase 1 of the Zambia National Energy Advancement and Transformation (NEAT) Programme for the period 2023 to 2033, has been approved. Finance and National Planning Minister Dr. SITUMBEKO MUSOKOTWANE, MP, takes the opportunity to sensitise fellow… Continue reading US$100 MILLION WORLD BANK GRANT FOR PHASE 1 OF THE NATIONAL ENERGY ADVANCEMENT AND TRANSFORMATION (NEAT) PROGRAMME (2023 TO 2033), ELATES THE GOVERNMENT

ZAMBIA’S “INVESTMENT PROMOTION AMBASSADORS” ARRIVE IN DAVOS-SWITZERLAND FOR THE 2024 WORLD ECONOMIC FORUM (WEF) ANNUAL MEETING

A high-level Zambian team has arrived in Davos, Switzerland, for the 2024 Annual Meeting of the World Economic Forum, which commences tomorrow Monday 15th January, 2024, and ends on Friday 19th January, 2024. Finance and National Planning Minister Dr SITUMBEKO MUSOKOTWANE, MP, is leading the Zambian delegation on behalf of President Hakainde Hichilema. Others in… Continue reading ZAMBIA’S “INVESTMENT PROMOTION AMBASSADORS” ARRIVE IN DAVOS-SWITZERLAND FOR THE 2024 WORLD ECONOMIC FORUM (WEF) ANNUAL MEETING

WORLD BANK APPROVES US$125 MILLION GRANT FOR ZAMBIA

We join His Excellency President HAKAINDE HICHILEMA in confirming that the World Bank Executive Board has completed a review of Zambia’s Second Macroeconomic Stability, Growth and Competitiveness Development Policy Financing under the Development Policy Operation 2 (DPO 2) Financing. The review will result in the immediate disbursement of approximately US$125 Million ON GRANT TERMS. As… Continue reading WORLD BANK APPROVES US$125 MILLION GRANT FOR ZAMBIA

IMF EXECUTIVE BOARD COMPLETES 2nd REVIEW UNDER THE EXTENDED CREDIT FACILITY FOR ZAMBIA & APPROVES US$187 MILLION DISBURSEMENT

The International Monetary Fund (IMF) Executive Board has today completed the 2nd review of the Extended Credit Facility (ECF) for Zambia. This results in the disbursement of approximately US$ 187 million. This is the second successful review following the approval of the first review made in July, 2023, which enabled the disbursement of approximately US$188… Continue reading IMF EXECUTIVE BOARD COMPLETES 2nd REVIEW UNDER THE EXTENDED CREDIT FACILITY FOR ZAMBIA & APPROVES US$187 MILLION DISBURSEMENT

The Government of the Republic of Zambia announces that a restructuring Agreement with its Eurobond holders cannot be implemented at this time

The Government of the Republic of Zambia (the “Government”) announces today that, following the agreement in principle (“AIP”) reached with the Steering Committee of the Ad Hoc Group of Bondholders (the “Steering Committee”) on 26th October, the authorities and their advisors conducted consultations with the country’s Official Creditor Committee (the “OCC”) and the staff of… Continue reading The Government of the Republic of Zambia announces that a restructuring Agreement with its Eurobond holders cannot be implemented at this time

DEBT RESTRUCTURING ENGAGEMENTS

The agreement reached with the Official Creditor Committee (OCC) in June, 2023, and the resulting MoU agreed in Marrakech in October, 2023, remain on course. However, it has been brought to our attention that there is speculation circulating in the public domain that the IMF has revised its position on Zambia’s debt restructuring agreement. This… Continue reading DEBT RESTRUCTURING ENGAGEMENTS

AGREEMENT-IN-PRINCIPLE WITH BOND HOLDERS

Over the last several days the Ministry of Finance and National Planning of the Government of Zambia (the “Government”) has engaged in discussions with representatives of the Official Creditor Committee and the IMF during which the Official Creditor Committee and the IMF expressed reservations about the agreement in principle that was reached between the Government… Continue reading AGREEMENT-IN-PRINCIPLE WITH BOND HOLDERS

ZAMBIA-LOBITO RAILWAY LINE, LOBITO CORRIDOR DEVELOPMENT, AND CRITICAL MINERALS MEMORANDA OF UNDERSTANDING, SIGNED

Thursday, 26th October, 2023 – To mark the climax of Zambia’s participation in the inaugural Global Gateway Forum in Brussels, Belgium, parties to the Zambia-Lobito Railway Line, the Lobito Corridor Development, and the Strategic Critical Minerals, have today signed Memoranda of Understanding. The Africa Finance Corporation, African Development Bank, Angola, Democratic Republic of Congo, European… Continue reading ZAMBIA-LOBITO RAILWAY LINE, LOBITO CORRIDOR DEVELOPMENT, AND CRITICAL MINERALS MEMORANDA OF UNDERSTANDING, SIGNED

Government of the Republic of Zambia Reaches Agreement in Principle on Debt Restructuring Terms with the Steering Committee of the Ad Hoc Creditor Committee of holders of Zambia’s Eurobonds

Lusaka, Zambia, October 26, 2023 – The Government of the Republic of Zambia (the “Government”) and the Steering Committee (the “Steering Committee”) of the Ad Hoc Creditor Committee (the “Committee”), has reached agreement in principle on the key commercial terms of a proposed restructuring transaction (the “Restructuring”) relating to the Government’s bonds due 2022,… Continue reading Government of the Republic of Zambia Reaches Agreement in Principle on Debt Restructuring Terms with the Steering Committee of the Ad Hoc Creditor Committee of holders of Zambia’s Eurobonds

Contact Information

Postal Address:

Ministry of Finance and National Planning,

P.O. Box 50062,
Chimanga Road, LUSAKA

Email: treasurybriefs@mofnp.gov.zm

Phone: Secretary to the treasury: +260211253512 | +260 211 251007

Controller of Internal Audit: +260 211 251069

External Links

State House

Bank of Zambia

Zambia Revenue Authority

National Road Fund Agency

Ministry of Commerce Trade and Industry

Ministry of Agriculture

Author: Mukuni Zunduna