The Zambian Civil Society Debt Alliance ZCSDA, has called for the Cancelation of over 60% of Zambia’s External Debt or the Nation will not return to Debt Sustainability.
Speaking during a press briefing organized by the alliance, comprising Jesuit Center for Theological Reflection JCTR, Civil Society Organization and Center for Trade Policy Development among others, in Lusaka on Friday, JCTR chairperson Fr. Alex Miyoba said lenders need to accept they lent recklessly and agree a large scale debt cancelation to allow the people of Zambia to tackle multiple external crisis.
He said that the alliance recommends that government should speed up engaging creditors so that a committee of lenders can be formed and provide financing assurances so that the process can move forward to the International Monetary Fund IMF’s executive board.
“Beyond the international monetary fund program, government must develop a more aggressive plan to stimulate a private sector led economic growth,” he said.
Speaking at the same event, CTPD member Isaac Mwaipopo said government should ensure a holistic approach is taken to re organize Zambia’s debt and steady effort is made to demand for the cancellation.
“It shouldn’t be a conversation over restructuring just to buy time, but there should be a steady effort made towards demanding for debt cancellation,” he further said.