“DEBT RESTRUCTURING DELAYS PUTTING PRESSURE ON KWACHA”
By Paul Shalala-
Finance Minister SITUMBEKO MUSOKOTWANE says the protracted negotiations on debt restructuring are putting pressure on the strength of the Kwacha.
Dr. MUSOKOTWANE says some people who are supposed to buy government bonds are holding on to them due to the long negotiation process.
Speaking when he interacted with Zambians virtually on the Ministry of Finance Facebook and Zoom accounts this morning, Dr. MUSOKOTWANE said measures are being put in place to stabilize the Kwacha due to the uncertainty on the debt restructuring process.
Meanwhile, the Finance Minister said the funding for the Lusaka-Ndola dual carriage way by the National Pension Scheme Authority -NAPSA is not strange as many local banks and other institutions lend to foreign companies.
Dr. MUSOKOTWANE said many foreign firms operating in Zambia source for funds locally and this helps local financial institutions gain business and protect jobs.
He said NAPSA is just one of many lenders for the project and it is okay for it to provide funds for a Zambian project of that magnitude.