Zambian delegation to travel to USA to borrow money for repaying loans

Zambian delegation to travel to USA to borrow money for repaying loans

A high-level government delegation is scheduled to travel to US to ask for another Euro-bond meant to paying back  some of Zambia’s other loans including a Eurobond procured in 2012. , according to Ministry of Finance sources.

Sources say debt repayment from the previously borrowed money in the last three years has now become a huge burden that government wants to borrow more money for repaying loans and not invest in projects like in the past.

The delegation is supposed to be led by Secretary to the Treasury Fredson Yamba and some ministry officials plus Commerce Deputy Minister Miles Sampa.

“Sampa was specifically appointed as deputy minister owing to his experience in the past in floating these bonds. But the new bond is far likely to be very expensive in terms of interest because of Zambia’s unsustained debt levels”, sources revealed.

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