Arab Today, arab today zambia denies defaulting on debt owed to other countries
Last Updated : GMT 06:04:03
Arab Today, arab today
Arab Today, arab today

Zambia denies defaulting on debt owed to other countries

Arab Today, arab today

Arab Today, arab today Zambia denies defaulting on debt owed to other countries

Lusaka - XINHUA

The Zambian government on Friday denied reports that it had defaulted on its debt obligations to China and two other countries. Last week, the Auditor-General's report revealed that Zambia had defaulted on its debt payments to China, Brazil and Iraq amounting to 19.2 million U. S. dollars, 67.1 million dollars and 37 million dollars respectively. The revelations have received wide condemnation from a cross section of society, with some accusing the government of lacking seriousness in off-setting external debts. But Minister of Finance Alexander Chikwanda, in a statement released to the media, clarified that the assertions which have created an impression that the government had defaulted on debt obligations should be discarded as they were not based on empirical evidence. "The correct position is that, the figures being quoted in the public domain are not as a result of delinquency but on account of the special bilateral agreements between the government of Zambia and the concerned creditors, which arrangements have been structured under what are referred to as Paris Club Minutes of 2005; the benchmark for providing debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative," he said. According to the official, the special bilateral arrangements entered into with the three countries allowed for the suspension of debt service payments during the period of bilateral negotiations, pending signing of debt relief agreements. The Zambian minister further explained that the government has been negotiating with the three governments with a view to signing bilateral debt relief agreements, adding that the three countries are the only remaining creditors that are yet to deliver their share of debt relief to Zambia under the HIPC Initiative. "It is as a result of such arrangements that although the Zambian government is accumulating the 'technical arrears', neither Brazil, Iraq nor China has been sending demand bills for debt service for settlement. Without demand bills for debt service, there can be no settlement of a debt, therefore, Zambia is not in default in any way," he added. The Zambian minister said the government was on course with all its external debt obligations and that both external and internal debt levels had remained below the international thresholds of 40 percent and 25 percent respectively. Zambia attained HIPC Initiative completion point in 2005 at which the country was qualified for debt relief from its creditors. Zambia's foreign debt had reached 7.2 billion dollars by then. The southern African nation was among 18 African nations qualified for the Multilateral Debt Relief Initiative (MDRI), in which the G8 countries agreed to cancel 100 percent of the debt owed.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today zambia denies defaulting on debt owed to other countries Arab Today, arab today zambia denies defaulting on debt owed to other countries

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday