Zambia News

STATE HOUSE: Cholera, Army Worms, Other Problems “Sank” the Eurobond Sinking Fund

STATE House says Zambia may not have been able to build a Sinking Fund because electricity imports, cholera and the armyworms disrupted everything and took a huge chunk of resources.

Special Assistant to President Lungu for Press and Public Relations Amos Chanda said the Eurobond holders for the US $750 million are getting their interest payments without any default whatsoever for the past six years.

And Chanda has assured the public that there will be no anxiety in the market as no one has and will lose any money during the repayment of the debt.

Meanwhile Chanda said President Edgar Lungu has not begged for the funding of the named Eurobond from the Turkish company but that he was only informing his counterpart of the development.

“We are now laying interest and we have never defaulted. Refinancing means getting a new loan below the interest rate we are currently paying. We may not have been able to build a Sinking Fund because electricity imports almost disrupted everything during the drought; cholera and fall army worms also took a huge chunk; the President must be praised for his transparency on how we intend to handle the debt; there is no default or vulture funding arrangement at all,” said Chanda.

source: mwebantu

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