Zambia News

$30 million Debt Sustainability Initiative to Benefit Zambia

Zambia is one of three nations in Africa that would gain from the $30 million Debt Sustainability Initiative, which was announced by the Open Society Foundation at the World Bank and International Monetary Fund’s Spring Meetings in Washington, DC.

The program, according to MARK MALLOCH-BROWN, president of the Open Society Foundation, will give Zambia, Ghana, and Kenya access to progressive debt advice services and strengthen the skills of debt negotiators during the restructuring process.

The Debt Sustainability Initiative, according to Mr. MALLOCH-BROWN, a former Deputy Secretary General of the United Nations and a former British Minister for Africa, would also provide funding to the civil society to support advocacy for accountability and transparency.

Zambia deserves a decent deal on debt restructuring, according to Mr. MALLOCH-BROWN, who was speaking in an interview with ZNBC News in Washington, D.C.

CHOLA MILAMBO, Zambia’s Permanent Representative to the UN, and Secretary to the Treasury FELIX NKULUKUSA both attended the event, which took place in the Open Society Foundation’s Washington offices.

And CHARLES CHILUFYA, executive director of the Jesuit Justice and Ecology Network Africa, stated that Zambians must have access to fundamental social services, which they can only have after their country is debt-free.

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