Economy

‘HIPC-style debt relief way to go’

ONLY a HIPC-style debt relief from international development partners can help poor nations hit by the deadly coronavirus such as Zambia to recover from its devastating economic effects, former Finance Minister Felix Mutati has said.
The initiative for Heavily Indebted Poor Countries also known as HIPC-style provides debt relief and low-interest loans to cancel or reduce external debt repayments to sustainable levels, meaning they can repay debts in a timely fashion in the future.
Mr Mutati said as the country engages international development partners around debt restructuring and debt relief within the context of the coronavirus, there was need to add another conversation of a HIPC-style debt relief.
He said the Coronavirus was already disrupting and affecting the lives of poor Zambians as it was slowing down economic activities.
Mr Mutati said postponing repayment of the debt would not assure the recovery of the economy as the capacity was limited.-PHOENIX FM

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