Zambia manufacturers confident country’s economy set for rebound as credibility rating restored


The Zambia Association of Manufacturers (ZAM) has expressed confidence that Zambia’s credibility among the International Community and various lending Institutions will be restored.

The manufacturers’ optimism is founded on the successful US$3.5 billion debt restructuring deal recently reached by government with its bondholders.

ZAM president, Ashu Sagar, said it was now time to concentrate on the growth of the economy.

Sagar in a statement on Thursday recalled that the inherited debt situation had created much uncertainty for the private sector as well as for would be investors, thereby affecting potential growth in the domestic economy.

He said ZAM hoped that this would now change and the opportunities for investment in the economy and the manufacturing sector in particular, would be further enhanced.

Sagar also expressed optimism that the deal would lead to increased investment in the industry, job creation, and facilitate more robust economic growth.

“By bringing finality to this part of the debt negotiation process, we are confident that Zambia’s credibility among the international community and various lending Institutions will be restored, and we can now concentrate on the growth of our economy.

“At this stage, we would also like to urge the remaining Commercial Creditors to expedite and resolve the last part of the debt negotiations process so Zambia may continue its pursuit of sustainable economic growth,” Sagar said.

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