Mwanakatwe maintains that refinancing Eurobonds is not sign of failure to repay

Mwanakatwe


Minister of Finance Margaret Mwanakatwe has maintained that refinancing of the Eurobonds with a Turkish firm is not in a sign of failure to repay
Mwanakatwe says the government remains fully committed to meeting all its liabilities on time and in full.
She said in a statement released Monday morning that a repayment strategy has been developed for the three Eurobonds.
Mwanakatwe stated that the strategy is currently undergoing review and approval by Cabinet and that the government is also in the process of engaging financial advisors on implementation of the same.
She further pointed out that refinancing of the Eurobonds seeks to achieve lower costs and longer maturities with potential investors.
Mwanakatwe has however promised that the exercise will be done in full consultation with the bond holders and in line with international market standards.
She stressed that government however remains open to cheaper options that may be proposed by private and bilateral partners.
President Lungu on Saturday requested Turkey to help Zambia repay a $3 billion dollar Eurobond.
The PF government went on a borrowing spree immediately after gaining political power in 2011 and contracted a $750 million dollar bond in 2012, followed by a $1 billion dollar bond in 2014 and another $1.5 billion dollar bond in 2015.The country is expected to start repaying part of the Eurobonds in 2019.

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COMMENTS

WORDPRESS: 9
  • comment-avatar
    Ketema 2 weeks ago

    Our leaders needs to be serious, refinancing the bond means more time will be given to pay back and more costly it will be became. The valtures are also monitoring this from a far, they will buy these bonds and claim the monies after 20 years, the country will fail to the valtures they will end up getting the whole country. Ask Argentina,

  • comment-avatar

    Zambians eurobond ni kaloba so if we r failing 2 pay $3billion plus interest n someone comes n pays 4 us that person,company,country wil demand mo interest frm zambia.So y do u want 2 fool zambians,we leave on”kaloba”most people in compounds leave on kaloba.we know these things mama mwanakatwe,PF hv put zambia N zambians in trouble wth this debts Kaloba

  • comment-avatar

    THE GOVERMENT SHOULD URGENTLY DO SOMETHING OTHER WISE WE ARE HEEDING IN WRONG PATH AS COUNTRY I BEMOAN.

  • comment-avatar
    the voice of reason 3 weeks ago

    Is it just me or zambianwatchdog has actually sobered down it’s reporting. The article is factual with little malice as would have been before

  • comment-avatar
    Kaleza 3 weeks ago

    It’s basically common sense that if your debt is taken on by underwriters, it means they pay off your debts and you end up paying at a much higher interest rate. It’s not rocket science but basic common sense, so please miss mwanakatwe don’t patronize the zambian people with your ill informed rubbish.

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    GULE WAMAPOLO 3 weeks ago

    KANYINI KUNZUNA MARGARET

  • comment-avatar

    If we are able to pay why ask a third party to do it for us. What are the advantages for some paying for us.

  • comment-avatar
    tasman 3 weeks ago

    Margret thinks we are dull like her boss ecl

  • comment-avatar
    super power 3 weeks ago

    illegal minster