Power and Politics

Govt approves major fiscal, legislative reforms, appoints Deutsche Bank as fiscal agent for Zambia


The government has approved the Public Debt Management Regulations, 2024, appointing an International Fiscal Agent to issue new notes for Bonds A and B.

Media and Information Minister, Cornelius Mweetwa, stated that this aligned with the Public Debt Management Act, aiming to restructure Zambia’s three bonds into two new bonds to manage the country’s external debt.

In a statement from Lusaka on Wednesday, Mweetwa announced that Deutsche Bank (DB) had been appointed as the Fiscal Agent for Zambia.

Read More: Cabinet approves 2024 revised budget, set for presentation to parliament

“Deutsche Bank previously served as the fiscal agent for Eurobonds issued in 2012, 2014, and 2015, totaling $750 million, $1 billion, and $1.25 billion, respectively,” he noted.

Cabinet also approved the Budget Policy Concept Paper for the 2025-2027 Medium Term Budget Plan and the 2025 Budget, outlining key principles to increase GDP annually from 2025 to 2027.

The Concept Paper would guide further consultations with key stakeholders, emphasizing the involvement of the private sector in national development.

Furthermore, Mweetwa announced the ratification of the SASSCAL Treaty, aimed at enhancing regional capacities to address climate change and land management challenges.

Initial approval was also granted to introduce legislation in Parliament to regulate the Institute of Directors of Zambia (IODZ) and promote good corporate governance and ethics.

Additionally, Zambia’s accession to the Second Optional Protocol to the ICCPR, which seeks to abolish the death penalty, was approved.

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