Zambia already owes Iraq, Brazil US$296 m despite borrowing more Eurobonds

Zambia already owes Iraq, Brazil US$296 m despite borrowing more Eurobonds

Secretary to the Treasury Fredson Yamba says Zambia still owes Screen Shot 2014-05-12 at 08.12.22illion to Brazil, China and Iraq despite acquiring more debts in terms of Euro Bonds.

Asked how the PF government plans to pay back the money, Yamba said Zambia is pleading for mercy from the creditors and hopes that they forgive Zambia completely.

Yamba was speaking last Friday when he appeared before the Parliamentary Public Accounts Committee (PAC) to answer queries cited in the Auditor General’s report for the financial year ending December 31, 2012.

“As of December 2012, Government owed a total of US$296,768,971.89 as outstanding debt including arrears to the three creditors.

Of this outstanding debt, US$111,309,845.18 was owed to Brazil, US$23,828,320.71 to China and US$161,630,805 to Iraq,” Mr Yamba said.

He said to resolve the outstanding debt, Government has been negotiating with governments of Brazil, China and Iraq with a view to signing bilateral debt relief agreements, which will stipulate the mode of effecting debt forgiveness under the HIPC initiative.

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