Zambia Hosts 14th Debt Management Facility Forum in Livingstone
The 14th Debt Management Facility (DMF) Stakeholders Forum commenced today in Livingstone, Zambia, under the theme “Debt Management for Resilience: Adapting to Changes & Challenges.”
This timely and relevant theme addresses the pressing debt challenges faced by numerous countries, including Zambia, amidst a rapidly changing global economic landscape.
In a statement delivered by Mr. Felix Nkulukusa, Secretary to the Treasury, on behalf of the Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, Zambia highlighted its proactive efforts in restructuring its external debt since 2020.
Notable achievements include reaching agreements with bilateral creditors and bondholders, covering approximately 75 percent of the debt within the restructuring perimeters. These milestones were attributed to the collective efforts of Zambia’s debt management team, supported by creditors, the International Monetary Fund (IMF), the World Bank, and financial and legal advisors.
“The long restructuring process has allowed us to re-evaluate our debt management framework, focusing on transparency, accountability, and sustainability,” said Nkulukusa.
He emphasized that Zambia has implemented reforms to align its debt management practices with international best practices, ensuring future resilience and avoiding past pitfalls.
Zambia remains committed to integrating debt management strategies with the country’s development priorities, promoting economic growth, job creation, and poverty reduction.
Concurrently, the nation is implementing fiscal reforms to maintain control over its debt, with its homegrown economic reform program successfully passing each IMF review, highlighting Zambia’s determination to restore fiscal and debt sustainability.
The two-day forum aims to address public debt management and navigate emerging challenges within the current global economic context. Participants will engage in discussions, share experiences, and explore innovative solutions to complex debt management issues. The event features renowned experts, policymakers, and practitioners sharing best practices, successes, and lessons learned.
“This forum is an excellent opportunity for us to learn from one another. Active participation, sharing insights, and contributing to discussions will facilitate charting a path forward,” Nkulukusa urged attendees.
The forum also acknowledges the continued support of the World Bank and the IMF through the DMF. Since 2008, the DMF has been providing advisory services, facilitating training, and fostering peer-to-peer learning in sound debt management practices for over 86 beneficiary countries.
Nkulukusa expressed gratitude to all donors contributing to this initiative, emphasizing their role in enhancing debt management efforts globally.
“Together, we will change the way public debt is managed and ensure sustainable outcomes for the future,” concluded Nkulukusa.
