Category: MoFNP News

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT OR THE MEMORANDUM (AS DEFINED BELOW).   Government of the Republic of Zambia Launches Consent Solicitation for the Eurobonds. The Republic of Zambia, represented by… Continue reading Another Milestone in the Debt Restructuring

In response to misreporting concerning a $45 million payment as part of the bondholders restructuring agreement which some media houses have reported as advisors’ fees, the Ministry of Finance of Zambia wishes to issue the following clarification: The payment in reference is a ‘consent fee’ of 1.5% of the original face value of Zambia’s Eurobonds,… Continue reading CLARIFICATION ON $45 MILLION CONSENT FEE PAYMENT AS PART OF ZAMBIA’S EUROBONDS RESTRUCTURING AGREEMENT

Government through the Bank of Zambia announced a change in the issuance method of Government bonds from discount to par value in the primary market effective January, 2024. In this view, a brochure has been developed to provide clarity on concerns raised by various stakeholders on the impact this policy shift would have on investing… Continue reading Government Bonds Issuance Fact Sheet

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

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

Click the link below to access the Medium-Term Budget Plan WHITE PAPER 2024-2026 MEDIUM-TERM BUDGET

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

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

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 (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