Zambia never hides debt, it’s sustainable and being serviced – Mwanakatwe

Minister of National Development Planning Alexander Chiteme (right) listening to his Finance counterpart Mrs. Margaraet Mwanakatwe address Zambian diplomats accredited to the USA when they paid a courtesy call on Zambia’s Ambassador to the USA His Excellency Dr. Ngosa Simbyakula in Washington DC on 19 April 2018. Mr. Chiteme and the Minister of Finance Mrs Margaret Mwanakatwe are participating in the IMF/World Bank 2018 Spring Meetings in Washington DC, USA. Mr. Chiteme is the Alternate Governor and Mrs Mwanakatwe is Zambia’s Governor on the World Bank Board of Governors. PHOTO| CHIBAULA D. SILWAMBA | MNDP

WASHINGTON DC, USA, Saturday, 21 April 2018 – The Minister of Finance
Honourable Margaret Mwanakatwe has assured Zambians and the international community
that Zambia does not and will never hide its debt.
And the Minister of National Development Planning Honourable Alexander Chiteme has
urged Zambian diplomats serving abroad to fly the Zambian flag high and woo Foreign
Direct Investment that will benefit the people.
Speaking to the diplomatic staff when she and Mr. Chiteme paid a courtesy call on Zambia’s
Ambassador to the USA His Excellency Dr Ngosa Simbyakula at the Embassy in
Washington DC, the Finance Minister told the diplomats that during their various
engagements in their countries of accreditation they should share and assure the international
community that Zambia’s debt was still sustainable.

“It’s important for you to understand that we are not hiding any debt; give out the correct
information. We are not intending, and we have never hidden any debt. You can’t hide a
debt. Debt is like a pregnancy, it will show,” Mrs. Mwanakatwe said. “We are servicing our
debt and Zambia is managing to pay its debts in line with its obligations.”
The Minister informed the diplomats about Zambia’s economic outlook. She said the country
had received a lot of interest in Foreign Direct Investment (FDI), particularly in the
agriculture, tourism, manufacturing solar and hydro power and construction sectors.
“You are our ambassadors at any given time; share information with your fellow diplomats
here in Washington DC,” she said.

Mrs Mwanakatwe urged the trade attaché to proactively work with the Ministry of
Commerce, Trade and Industry to attract investors into Zambia.
And the Minister of National Development Planning, Honourable Alexander Chiteme, urged
Zambian diplomats to put the country first and engage with various stakeholders in
promoting the country’s economic potential. The Minister of National Development Planning
urged the diplomats to always familiarise themselves with strategic policy documents that
Zambia has in place like the Seventh National Development Plan, the Economic Stabilisation
and Growth Programme and the Debt Sustainability Strategy and articulate them to the world
as they market the country.

Mr. Chiteme said diplomatic missions were important linkages for Zambia with the
international community and should position themselves to contribute to national
In welcoming the ministers and the delegation to the 2018 IMF/World Bank Spring
Meetings, Ambassador Dr Simbyakula commended the Government for spearheading the
national development agenda. Ambassador Simbyakula assured of his staff’s support to the

Mrs Mwanakatwe and Mr. Chiteme were accompanied by Deputy Secretary to the Cabinet
(Finance and Economic Development) Mr. Christopher Mvunga, Ministry of National
Development Planning – Permanent Secretary (Development Planning) Mr. Chola Chabala,
Ministry of Finance – Permanent Secretary (Economic Management and Finance) Mr. Mukuli
Chikuba and other government officials.

Issued by
Chibaula D. Silwamba (Mr.)