By Amos Sikaonga 
By Cecilia Chiluba
Finance and National Planning Minister has attributed the lengthy debt negotiation processes to significant challenges in coordinating non-bonded commercial creditors.
So far, Zambia has signed bilateral agreements with France and the Kingdom of Saudi Arabia but expects to sign a substantial number of additional bilateral agreements, by September, 2025.
Dr. Situmbeko Musokotwane called for a more robust coordination mechanism for non-bonded creditors in Zambia’s debt restructuring process.
“Consensus to bring these creditors on board early on in the process through the information sharing mechanism, will greatly minimize coordination challenges,” Dr. Musokotwane noted.
He said this during the G-20 Global Sovereign Round Table in Washington DC, held on the sidelines of the ongoing 2025 Spring Meetings of the International Monetary Fund and the World Bank Group.
Dr. Musokotwane shard Zambia’s experiences with the Global Sovereign Round Table to help improve the debt restructuring process and highlight keys areas for further improvement and consideration.
He requested the august assembly to engage more with regional development banks under the G-20 Common Framework.
“Information sharing among key players at early stages of the debt restructuring process helps to facilitate the predictability of milestone completion timelines and the debt distress situation of debtor countries,” he added.
Dr Musokotwane is accompanied to the Spring Meetings by Secretary to the Treasury Felix NKulukusa, Bank of Zambia Governor Dr. Denny Kalyalya, and Zambia Revenue Authority (ZRA) Commissioner General Dingani Banda.
Zambia is also participating in the Global Parliamentary Forum which is being held on the sidelines of the Spring Meetings, and the country is being represented by – Sibongile Mwamba, who is Kasama Central Constituency and Member of the Parliamentary Committees on Public Accounts, and Foreign Affairs, as well as Sibeso Sefulo, Mwandi Constituency and Chairperson of the Parliamentary Committee on National Economy and Labour Matters.
Meanwhile, Japanese Vice Minister of Finance for International Affairs Atsushi Mimura sayid the implementation of the G- 20 Common Framework for debt treatment through which Zambia’s debt restructuring process is being handled is just the beginning of sustainable development for the country.
He was speaking in Washington DC during a bilateral meeting with Dr. Musokotwane.
“Japan fully supports the World Bank coordinated Resilient Inclusive Supply Enhan (RISE) Partnership initiative,” Mr. Mimura said.
He indicated that through the Zambia Energy Transition Mineral Road-map, investments in the country’s mineral-value-chain will be enhanced.
Mr. Mimura also confirmed Japan’s strong support for the RISE initiative as it is a key path through which there will be better alignment of Zambia’s mineral value- chain which will bring great benefits to the people.
Cecilia Chiluba