In the last few days there have been reports in some sections of the media that the Zambian Government has received unsolicited offers from foreign
investment agents popularly known as 'Vulture Funds' to buy off the country's external debt. The media reports have made specific reference to
the already contracted debt particularly the Eurobonds.

Government would like to categorically state that it has no plans for any sale of its debt to any investor. The Government is fully committed to the

conditions and principles under which the debts were contracted. This means that Government will remain in the international debt market and honour all
its obligations as they fall due. A testimony to this, is the establishment and operationalisation of the Sinking Fund in the current fiscal year.
Government is further, developing a Medium-Term Debt Strategy to ensure that it has a coherent and well-structured way of dealing with debt and its
associated risks. In this respect, the assertions by some commentators that this revelation of offers by Vulture Funds is a realization by the Zambian
government that it was in error to borrower from the commercial capital markets are unfounded and misleading.

I wish to reaffirm that borrowing in Zambia is strictly guided by the Loans and Guarantees Authorization Act, Cap 366 of the Laws of Zambia that has set

procedures for borrowing and has enshrined authority to borrow on behalf of the Republic in the Minister of Finance. Further, application of such debt
has largely been to investment, growth and poverty reduction supporting projects such as those in energy, transport and communications, and social
infrastructure namely health and education. We are confident that these huge investments will give increased economic activity that in turn gives the
country the capacity to repay the debts.

In this regard, the general public and the international investor community, that has shown confidence in Zambia's creditworthiness, is assured of

Government's continued commitment to respect the principles under which the debt was issued. The Government also wishes to inform the investor community
that it is committed to putting in place a debt strategy that will in a sustainable way support investment in key growth areas such as agriculture,
manufacturing, tourism and mining for increased job creation and poverty reduction. The country's outlook is strong despite the current external and
transitory challenges, and we are positive and remain resolute to honoring our debt obligations as they fall due.