IMF to complete Zambia, Chad debt restructuring by year-end
International Monetary Fund Managing Director Kristalina Georgieva, said she hoped debt restructuring efforts for Zambia and Chad could be completed by the end of this year.
Ms Georgieva, speaking with civil society groups at the start of the annual IMF and World Bank meetings, said a Group of 20 initiative launched in late 2020 had been slow to become operational.
She said completing the task would pave the way for more countries to seek help.
Ms Georgieva said the IMF was pressing for more predictability and timely resolution of requests for help under the G20 Common Framework.
It was also critical to expand the framework to include middle-income countries, she said.
She said the IMF was also working on how to include collective action clauses in debt contracts currently being signed that would allow immediate suspension of debt service payments if a country experienced a climate shock.
IMF and World Bank officials have repeatedly singled out China, the biggest creditor to many African countries, and private sector creditors for dragging their feet on reducing countries’ debt burdens.
The Zambian government on Friday told investors it hoped it would agree debt relief terms with official creditors by the end of the year or early 2023.
Zambia was the first African country to default during the COVID-19 era as it struggled with debt that reached 133 per cent of GDP at the end of 2021.
The IMF estimates that Zambia needs $8.4 billion of “cash debt relief” – cutting both interest payments and loan repayments – from 2022 to 2025.
The IMF in late August, approved $1.3 billion, a three-year loan to Zambia, a crucial step in the southern African country’s quest to restructure its debts.
Chad’s creditors are close to reaching a debt relief agreement, a French Finance Ministry source said on Monday.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Buhari regime assures Nigeria Air will fly before May 29
Mr Sirika said the national carrier would create numerous jobs and better opportunities in the industry when fully established.
Court sentences four to death by hanging for kidnapping, armed robbery
Justice Lateef Lawal-Akapo held that the prosecution proved the charges of conspiracy, robbery and kidnapping against the convicts beyond all reasonable doubt.
Naira weakens further at I&E window, exchanges at 469.50 per dollar
The rate represented a decrease of 0.04 per cent compared to the N461.50 for which it exchanged to the dollar on Wednesday.
PDP names caretaker committee for Katsina chapter after sacking SWC
Mr Ologunagba said that the committee was expected to run the affairs of the party in the state for a period not exceeding 90 days.
My suspension is Ayu’s “last kick of a dead horse”: Fayose
He said in a matter of days, the “inglorious tenure” of Mr Ayu as national chairman of PDP will become history and the party will enjoy a new lease of life.
Keyamo: Oby Ezekwesili warns Buhari regime against arresting Obi, Datti
Mrs Ezekwesili warned the Buhari regime and SSS against actioning Mr Keyamo’s “foolish ideas.”