The Zambian Education

01/02/2025

Dr-Florence Lupupa warm welcome Doc.

26/01/2025

CAREER OPPORTUNITY

25/01/2025

25/01/2025

EXECUTIVE DEAN: UNILUS

26/11/2024

BB11 the pride of Zambia

05/11/2024

27/03/2024

IN CASE YOU MISSED IT:

UNDERSTANDING HOW THE DEBT HAS BEEN RESTRUCTURED.

Here are highlights from a Ministerial Statement delivered to Parliament today by the Minister of Finance Hon. Situmbeko Musokotwane, MP, on the Debt Restructuring Agreement between Zambia and the Official Creditor Committee (OCC).

✅The Zambian Government and the Steering Committee of the Adhoc Committee of the Eurobond holders have reached an agreement on the key commercial terms of a proposed restructuring transaction relating to Zambia's Eurobonds due in 2022, 2024 and 2027.
✅The Government has already obtained confirmation from the OCC and the IMF that this agreement complies with the Comparability of Treatment principle and the debt sustainability targets under the IMF program.
✅Following this Agreement, the Bondholders will be invited to exchange or vote in favour of a consent to amend the terms of their Bonds for new fixed income instruments representing unsecured obligations of the Government, which may be referred to as "New Bonds". The New Bonds are comprised of two bonds, A and B, amounting to US $1.7 Billion and US $ 1.35 billion respectively.
✅The Agreement in principle which has been reached with the Bondholders also includes an adjustment mechanism involving a Base Case Treatment and Upside Case Treatment, dependent on Zambia's future economic performances.
✅Bond A matures in 2033 and pays 5.75 percent per annum in coupons until mid-2031, where the coupon increases to 7.5 percent. The financial terms of Bond A remain unchanged in both the base case and upside case treatments.
✅Bond B matures in 2053 in the base case scenario and 2035 in the upside scenario with interest being adjusted from 0.5 percent to 7.5 percent after 2025 in the upside scenario with a very large share of the coupon being paid in kind until 2031 to avoid direct cash outlays for the Budget and comply with IMF's debt service to revenue targets.
✅Under the Base Case Treatment, the weighted average maturity of the New Bonds will be 15 years, while under the Upside Case Treatment, it will be 8 years.
✅Under this Agreement, the Bondholders will forego approximately US$840 million of their claims through a haircut on the outstanding balance on the bonds and accrued interest, and provide approximately US$ 2.5 billion in cash flow relief through reduced debt service payments during the IMF programme period.
✅The portion of external debt which is subject to restructuring comprises of official bilateral debt which accounts for approximately 50 percent.
✅Commercial debt accounts for the other half, out of which Eurobonds also account for over 50% and therefore, the agreements reached with the OCC and the Bondholders imply that out of the debt which is subject to restructuring, about 75% percent has been restructured, leaving only the debt owed to other commercial creditors.
✅The implication of the Agreement with the Bondholders and OCC is that Government will resume making debt service payments on the restructured debt.
✅The debt service payments to be made by Government will be significantly lower than what would have been paid if the debt was not restructured and this will free up financial resources which will be channelled to other critical sectors of the economy.
✅The Debt Agreement will further strengthen the confidence in the country’s economy and in the currency, opening the door to increased Foreign Direct Investment.
✅Despite the milestones that have so far been achieved in the debt restructuring process, the country still has more work to do and Government is hopeful of expedited bilateral agreements with the official creditors in order to implement the terms of the debt treatment agreed in the October MoU.

27/03/2024

SENEGAL USHERS IN NEW PRESIDENT - VISIONARY IS THE INAUGURAL SPEAK

16/03/2024

Shout out to my newest followers! Excited to have you onboard! Matildah Sampa Muhetu, Nchimunya Munachaka Mwiinga, Astridah Mwelwa, Maureen Fungwa Sibalwa, Mercy Mwansa, Chameya H Kalimbwe, Sharn Mwenda, Atrinah Mudabanti, Tabitha Mandona, Christine Makashini, Yolanda Mukandi, Cynthia Joseph, Jacob Malama, Carol Mwansa, Emmanuel Katuta, Emeldah Mukondola, Catherine Nachula, Mule Mayani Kalungwana, Choheka K-lumba, Dorothy Lukonde, Magdaleni Banda, Astridah Nalwimba, Prisca Mufaya, Harriet Chisala, Nsunzu Nampemba, Muungo Fabjojo

16/03/2024

Shout out to my newest followers! Excited to have you onboard! Matildah Sampa Muhetu, Nchimunya Munachaka Mwiinga, Astridah Mwelwa, Maureen Fungwa Sibalwa, Mercy Mwansa, Chameya H Kalimbwe, Sharn Mwenda, Atrinah Mudabanti, Tabitha Mandona, Christine Makashini, Yolanda Mukandi, Cynthia Joseph, Jacob Malama, Carol Mwansa, Emmanuel Katuta, Emeldah Mukondola, Catherine Nachula, Mule Mayani Kalungwana, Choheka K-lumba, Dorothy Lukonde, Magdaleni Banda, Astridah Nalwimba, Prisca Mufaya, Harriet Chisala, Nsunzu Nampemba, Muungo Fabjojo & many more...

Warm welcome to the page. Together we are the change we want to see in our education system.

27/01/2024

We take time to congratulate the newly recruited teachers and wish them well in the service to the nation.