You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Zambian president tells creditors in a tweet their money’s safe

‘We will engage transparently and in good faith.’
Image: Patrick Meinhardt/Getty Images

Zambian President Hakainde Hichilema took to Twitter on Thursday to assure creditors that they’ll be paid, having warned in an interview with Bloomberg this week that the southern African nation’s debt burden is bigger than previously thought.

Hichilema, who defeated Edgar Lungu in last month’s election, needs to negotiate new terms with external lenders after Zambia became Africa’s first pandemic-era defaulter 10 months ago. Using the nickname “Bally” — local slang for dad —  the new president said he would pay.

Moneyweb Insider INSIDERGOLD

Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process.

Choose an option:

R63 per month
R630 per year SAVE R126

You will be redirected to a checkout page.
To view all features and options, click here.

A monthly subscription is charged pro rata, based on the day of purchase. This is non-refundable and includes a R5 once-off sign-up fee.
A yearly subscription is refundable within 14 days of purchase and includes a 365-day membership.

Click here for more information.

First, Zambia needs to secure a deal with the International Monetary Fund that will form the basis of talks with creditors that range from state-owned Chinese lenders to holders of the nation’s $3 billion Eurobonds.

Situmbeko Musokotwane, the new finance minister, says he’s targeting a deal by November.

© 2021 Bloomberg

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

First start by paying back the VAT owed to many companies!

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:
Click a Company: