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Yellen says critically important to restructure Zambia debt By Reuters

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© Reuters. U.S. Treasury Secretary Janet Yellen gives a speech after she visited the House of Slaves (Maison des Esclaves) at Goree Island off the coast of Dakar, Senegal January 21, 2023. REUTERS/Ngouda Dione

By Andrea Shalal

LUSAKA (Reuters) -U.S. Treasury Secretary Janet Yellen said on Monday during a visit to Zambia that it was critically important to restructure the country’s debt, and she believes progress could be made after her frank talks with key creditor China last week.

Yellen added that Zambia’s debt overhang was a drag on its whole economy and that China had been a barrier to resolving the southern African country’s debt problem.

However, she said she was encouraged that progress could shortly become possible following her meeting with Chinese officials in Zurich last week.

“I specifically raised the issue with Zambia (with Chinese officials) and asked for their cooperation in trying to reach a speedy resolution. And our talks were constructive,” Yellen said.

She told Zambian Finance Minister Situmbeko Musokotwane that the timely finalization of Zambia’s debt treatment was a top priority for the Treasury.

“We will continue to press for all official bilateral and private-sector creditors to meaningfully participate in debt relief for Zambia, especially China,” she said.

Yellen said she was keen to continue talks with Musokotwane and other Zambian officials about the country’s “impressive progress” on economic reforms, and how regional economic integration and deepening trade ties could support the country’s growth.

However, Musokotwane said at the start of a bilateral meeting with Yellen that the debt restructuring process has been moving slowly and its outcome was not certain.

Calling for the help of global leaders to move the restructuring process forward, he said it was needed to create conditions conducive to investments and to reduce pressure on Zambians to migrate.

Yellen was also slated to meet with Zambian President Hakainde Hichilema, who took charge in August 2021.

Yellen told reporters it was important for Zambia to address corruption and human rights, and to create a business environment that would promote investment and trade.

She lauded Hichilema for making the fight against corruption an important part of his agenda.

“It’s something that needs continued focus,” she said. “I would say the work isn’t done, but there clearly has been an important focus on it.”

Yellen’s meeting with Musokotwane took place at Zambia’s finance ministry, where large signs with slogans such as “This is a corruption-free zone” and “Say NO to corruption. Integrity is a virtue” were on prominent display in the hallways.

Yellen is on a three-country visit to Africa. In Senegal she said Russia’s war in Ukraine was hitting Africans particularly hard by exacerbating food insecurity and putting an unnecessary drag on the continent’s economy.

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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