Zambia is poised to sign a Memorandum of Understanding (MoU) on its debt restructuring with official creditors, its finance minister said on Thursday - a key step to securing the next tranche of funding from the International Monetary Fund.
IMF Managing Director Kristalina Georgieva had said earlier on Thursday that Zambia had already signed the MoU, when speaking on a panel at the IMF and World Bank Annual Meetings in Marrakech.
However, clarifying the timeline, Finance Minister Situmbeko Musokotwane said the actual signing had yet to happen, though it was imminent. "From Managing Director Kristalina's mouth to god's ears, the MoU will hopefully be signed next week, we are very close to finalising it," Musokotwane said in a statement sent to reporters after the event.
Zambia was the first African country to default on its debt in the pandemic era and its restructuring process, which saw it agree broad terms to rework $6.3 billion of debt with official creditors "An agreement on an MoU is nearly finalized and the signing is expected soon. More details will be made available then," an IMF spokesperson added in a statement after the panel finished.Canada's Reconnaissance Energy Africa will start a new drilling campaign early next year near the protected Okavango Delta in Namibia, its new CEO said on Thursday as he downplayed criticism of the project from environmental groups.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zambia: Debt Restructuring - Is It Another Auspicious Week for Zambia?THE issue of Zambia's debt restructuring has been dragging for some time now and this forum has been keenly following it since inception, somewhere in 2021.
Read more »
Zambia signs debt deal with creditors: IMF chiefZambia has signed a long-sought debt deal with its foreign lenders, the IMF's chief announced Thursday, providing financial relief to the first African nation to default after the Covid pandemic. - Sri Lanka near deal - Zambia, whose total debt amounted to $32.8 billion at the end of 2022, defaulted on its $18.
Read more »
Zambia: Remove Illegal Miners From Mpika Gold SiteIt is disturbing that rampant illegal mining in the country has continued unabated despite several interventions by law enforcement agencies.
Read more »
Load-shedding obscures the understanding of South Africa’s air qualityAfrica's Best Read
Read more »
Kenya: Britain's King to 'Deepen Understanding' of 'Painful' Colonial Past At Meeting With Kenyan PresidentBritain's King Charles III will meet with Kenyan President William Ruto in Nairobi in about three weeks. Charles will address 'painful aspects' of Britain's colonial past, Buckingham Palace said on Wednesday.
Read more »
Africa: 'To Silence the Guns We Must Raise the Voices for Peace'Analysis - This article provides an understanding of the interplay between geopolitics and economics, and of the impact of that dynamic global political economy.
Read more »