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Lazard Freres engaged as debt advisors

By BUUMBA CHIMBULU
CABINET has engaged Lazard Freres of France as financial advisors for liability management of Zambia’s debt portfolio after a thorough evaluation process of the tenders from six organisations.
The proposed contract amount for the best evaluated bid is a maximum of US$ 5, 000, 000 which is negotiable by mutual agreement, and payable based on work done over a period of three years.
Secretary to the treasury, Fredson Yamba said Government had no intention of unilaterally restructuring debt without consulting creditors and would respect agreements and diligently use market-based instruments in debt management.
Mr Yamba said in a statement that the decision to engage fresh advisors followed the expiry, in 2019, of the mandate given to previous advisors.
He said the tenders were received from six strong and competitive bidders, which included Newstate Partners, Potomac Group, Deustche Bank and Rothschild & Company, Absa Bank and Barclays Bank PLC, White Oak Advisory Limited; and Lazard Freres.
“In the notice, all the bidders have been informed that the best evaluated bid selected by the Ministry of Finance Tender Committee was from Llazard Freres of France,” Mr Yamba said.
Mr Yamba said the bidders, not selected had the right to raise any issue they may have on the outcome.

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