Transparency international Zambia (TIZ) has accused government of concealing the true extent of Zambia’s debt due to illegalities in the manner the debt was contracted without following the provisions of the constitution.
TIZ president Reuben Lifuka notes that had government followed the law, there would be no need for a confidentiality agreement to be in place before negotiations with bondholders could continue because government would have nothing to hide.
Mr. Lifuka is of the view that there is need for great transparency around Zambia’s debt especially that the country cannot afford to have another vulture fund saying public debt contracted on behalf of the Zambian people must be information in public domain.
He said government should do the honorable thing and provide the complete and true information regarding the country’s debt to parliamentarians and adhere to the law in future deals to secure public debt.
Earlier this week, Finance Minister Bwalya Ng’andu said the Eurobond holders have indicated their willingness to continue engaging the Zambian government on debt restructuring and that government is looking forward to deeper engagement with the committee of the bondholders once the confidentiality agreement has been signed.