Engage creditors – Sean Tembo

Written by on January 30, 2023

By ROCHELLE SHARPE

PATRIOTS for Economic Progress (PeP) president Sean Tembo says it is disrespectful for Government to negotiate debt restructuring with creditors through proxies such as the International Monetary Fund (IMF) and other foreign nations instead of directly engaging them.

Speaking in an interview with Millennium TV, Mr. Tembo said the United States (US) has no moral right to talk about China when that country failed to forgive Zambia’s debt despite meeting all the conditions as explained by Minister of Finance and National Planning Situmbeko Musokotwane. He stated that the IMF and the US government should to stay away Zambia’s negotiations with creditors as they are only making the situation worse.

Meanwhile, Citizens First Party President Harry Kaaba says there is nothing wrong with government adopting a multi-faceted approach in negotiating with creditors on debt restructuring.

Mr Kalaba said it was important for Government to begin approaching the creditors individually with honesty and due diligence going forward. 

This comes after the Chinese Embassy in Lusaka stated that the United States of America should deal with its own indebtedness and stop trying to disrupt other countries’ efforts to solve their debt problems.

This was in response to a statement from US Secretary of the Treasury Prof Janet Yellen who told journalists after visiting the Zambia National Public Health Institute (ZNPHI), that China had been a barrier to concluding the debt negotiations for Zambia.


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