MoFNP News Archives

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

Job Announcement: CEO Recruitment Alert! Advert for African Association of Accountants-General

CEO Recruitment Advert! CLIENT FOCUS SOLUTIONS Employment Opportunity for the Position of Chief Executive Officer Our client African Association of Accountants- General – A Pan African Organisation with a vision anchored on good financial governance for an integrated and prosperous Africa. in pursuit of its vision and to effectively discharge its mandate an opportunity… Continue reading Job Announcement: CEO Recruitment Alert! Advert for African Association of Accountants-General

ZAMBIA AGREES MEMORANDUM OF UNDERSTANDING WITH OFFICIAL CREDITOR COMMITTEE PAVING WAY FOR DEBT TREATMENT COMPLETION

Marrakech, Morocco, Saturday, 14th October, 2023 – The Ministry of Finance and National Planning of the Republic of Zambia is pleased to announce that a Memorandum of Understanding (MoU) has been agreed with its Official Creditor Committee (OCC) on the comprehensive debt treatment agreed in June 2023. Zambia’s OCC is co-chaired by China and France,… Continue reading ZAMBIA AGREES MEMORANDUM OF UNDERSTANDING WITH OFFICIAL CREDITOR COMMITTEE PAVING WAY FOR DEBT TREATMENT COMPLETION

Indebted nations can learn from Zambia’s breakthrough debt deal

Many developing countries are teetering on the cusp of default and may soon find themselves in debt-restructuring negotiations of their own. Zambia’s minister of finance and national planning explains how his country navigated the process. On 22 June, after extensive negotiations, Zambia made a breakthrough and reached a $6.3bn debt restructuring deal with its official… Continue reading Indebted nations can learn from Zambia’s breakthrough debt deal

ZAMBIA TO RECEIVE SECOND DISBURSEMENT OF IMF FUNDING

Lusaka, 13 July 2023 – The Government of Zambia welcomes the approval of the first review of Zambia’s programme by the IMF Management and Executive Board. The completion of the review enables the second disbursement of IMF financing and gives Zambia access to approximately US$188 million. The completion of the review follows the Staff-Level Agreement… Continue reading ZAMBIA TO RECEIVE SECOND DISBURSEMENT OF IMF FUNDING

QUESTION AND ANSWER ON: ZAMBIA REACHES AGREEMENT WITH OFFICIAL CREDITORS ON DEBT TREATMENT UNDER THE G20 COMMON FRAMEWORK

On the 22nd of June 2023, the Government of the Republic of Zambia announced that it reached an agreement on a comprehensive debt treatment with its Official Creditors under the G20 Common Framework. This landmark achievement is a significant step towards restoring Zambia’s long-term debt sustainability. It complements the strong commitments from Zambia’s Multilateral Development… Continue reading QUESTION AND ANSWER ON: ZAMBIA REACHES AGREEMENT WITH OFFICIAL CREDITORS ON DEBT TREATMENT UNDER THE G20 COMMON FRAMEWORK