ZAMBIA MAY SECURE A CREDIT RATING BY MARCH THIS YEAR

ZAMBIA MAY SECURE A CREDIT RATING BY MARCH THIS YEAR TO ENABLE THE SOUTHERN AFRICAN NATION ATTRACT MORE PORTFOLIO INVESTORS INTO THE COUNTRY AND DEVELOP INFRASTRUCTURE.
THE ASCENDANCE OF ZAMBIA TO A CREDIT RATE STATUS WILL UNDOUBTEDLY PUSH IT FORWARD AND ENABLE IT TO START ISSUING VARIOUS INTERNATIONAL BONDS AS MUCH AS USD 1 BILLION TO UNDERTAKE INFRASTRUCTURE DEVELOPMENT AND ACCELERATE ECONOMIC GROWTH.

FINANCE AND NATIONAL PLANNING  MINISTER DR SITUMBEKO MUSOKOTWANE SAYS GOVERNMENT MAY NEXT MONTH RECEIVE A FINAL REPORT ON THE COUNTRY’S SOVEREIGN CREDIT RATING AND ENABLE IT UNDERTAKE VARIOUS DEVELOPMENT PROGRAMS THROUGH ISSUANCE OF INTERNATIONAL BONDS AND OTHER PROGRAMS.
DR MUSOKOTWANE HAS STATED THAT GOVERNMENT WILL SOON OBTAIN A RATING FROM STANDARD AND POOR’S RATING AGENCY AFTER WHICH IT WILL UNDERTAKE VARIOUS PROGRAMMES INTENDED TO ACCELERATE THE SIXTH NATIONAL DEVELOPMENT PLAN LAUNCHED RECENT BY PRESIDENT RUPIAH BANDA IN WHICH THE COUNTRY NEEDS TO MOBILIZE USD 26 BILLION BETWEEN THE PERIOD 2011 TO 2015.
RECENTLY, BANK OF ZAMBIA GOVERNOR DR CALEB FUNDANGA SAID THAT DISCUSSIONS WERE CONCLUDED IN DECEMBER LAST YEAR AFTER GOVERNMENT APPOINTED TWO RATING AGENCIES FITCH RATINGS AND S&P RATING AGENCIES TO PROVIDE AN INDEPENDENT AND PROSPECTIVE CREDIT OPINION ON ZAMBIA.

GOVERNMENT ALSO APPOINTED JP MORGAN AS TRANSACTION ADVISERS AND A TEAM FROM THE RATING AGENCY CAME TO ZAMBIA AND HELD FRUITFUL DELIBERATIONS WITH BOTH GOVERNMENT AND THE BOZ OFFICIALS LAST YEAR.
ZAMBIA WILL BE PART OF THE AFRICAN COUNTRIES SUCH AS KENYA, GHANA AND ANGOLA THAT WISH TO RAISE FINANCE FOR RAIL AND POWER PROJECTS FROM INTERNATIONAL CAPITAL MARKETS.
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