Zambia refutes erroneous reporting on debt restructuring process

Lusaka, Zambia | Xinhua | The Zambian government on Monday refuted a Western media report that it does not support China’s call for the World Bank and other multilateral lenders to join Zambia’s debt restructuring process.

Zambian Minister of Finance and National Planning Situmbeko Musokotwane said that contrary to the Financial Times report, which was based on a recent interview with him, the southern African nation is “in no position to reject any proposals between China and the World Bank.”

“The headline did not accurately reflect the minister’s comments or Zambia’s position,” he said in a statement, while expressing satisfaction that the Financial Times has corrected its misrepresentation in an updated version of the story.

Zambia’s focus was on achieving debt relief as soon as possible, he said, adding that delays in debt talks were affecting ordinary Zambians and their livelihoods.

Calling the interactions with creditors positive and constructive, he said the government was hopeful of the good progress made so far in debt discussions.

Also on Monday, Chinese Foreign Ministry Spokesperson Wang Wenbin said, “China attaches high importance to Zambia’s debt issue. We have played a constructive role in handling Zambia’s debt under the G20 Common Framework and facilitated the success of three meetings of the Creditor Committee for Zambia.”

“As to the specific issues regarding debt treatment, the parties concerned are having friendly consultation in accordance with relevant principles,” he told reporters.