Haabazoka praises Govt on debt, advises on Eurobonds

THE Government should now focus on agreeing with Eurobond holders after concluding the creditor agreement with China and India concerning Zambia’s debt, former Economics Association of Zambia (EAZ) president Lubinda Haabazoka has said.

Dr. Haabazoka said the move was good for the country and that the Government needed to be commended as this was a step in the right direction in terms of restructuring the country’s debt.

He, however, said now was the time for the Government to shift focus and target Eurobond holders so that they could come up with a Creditor Agreement with them.

He said that Zambians should however be aware that the issue of debt restructuring was not a simple process and could take a lot of time.

“I must say that the outcome is very good and this is actually a good thing for Zambia. We just hope that the Government will also target Eurobond holders so that they reach a Creditor Agreement with them,” Dr Haabazoka said.

He noted that the Government needed to engage all the creditors so that the process was smoothed rather than just focus on one group.

He expressed confidence that the Government and its creditors would come up with a consensus so that a proper debt restructuring roadmap would be known.

“I know the Government is going to manage because they have shown commitment towards restructuring Zambia’s debt. However, Zambians should know that this is not going to be an easy undertaking,” he said.