Zambia’s option to refinance dollar bonds, in no way failure to repay its debt

Zambia's Finance Minister Honorable Margaret Mwanakatwe.

Minister of Finance Margaret Mwanakatwe has said that the refinance option for Zambia’s $750million dollar bonds is in no way a signal of failure to repay the eurobond obligation. This was contained in a press release provided by the Finance Ministry in Africa’s second largest copper producer.

“We remain fully committed to meeting all our liabilities on time and in full, she said. The finance ministry said it has developed a redemption strategy for the dollar debts outstanding and will be presented to cabinet. The state is in the process of engaging financial advisors on implementation of this strategy,” the MOF said.

In so doing however, we are duty bound to interrogate any other asset/liability proposals that may come from other private and bilateral partners, with the proviso that it should be cheaper and procedural in terms of international capital markets operations.

The Ministry has committed to sharing with the public monthly reports on the performance of the economy and holding quarterly engagements with a cross-section of stakeholders in order to enhance information availability and exchange.

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