GOVERNMENT has awarded Lazard Freres of France a US $5 million three-year contract to advise on liability management of the country’s debt stock.
According to a statement issued Wednesday evening by secretary to the treasury Fredson Yamba, Freres was picked against five other competitors.
In March this year, government invited bids for new debt management advisors after the contract with the previous firm expired last year.
“In the notice, all the bidders have been informed that the best evaluated bid selected by the Ministry of Finance Tender Committee was from LAZARD FRERES OF FRANCE. The proposed contract amount for the best evaluated bid is a maximum of US$ 5, 000, 000 (Five-Million United States Dollars) which is negotiable by mutual agreement, and payable based on work done over a period of three (3) years,” stated Yamba.
“Under the Public Procurement Act No. 12 of 2008 as read with Public Procurement Regulations, 2011, the
bidders, not selected, have the right to raise any issue they may have on the outcome. This is also in conformity with the Government’s commitment to strengthen transparency and accountability in public procurement. As we have done in the past, the Government of Zambia intends to use the services of the financial advisors in line with signed agreements with lenders; multilateral, bilateral and private. I take this opportunity to restate that the Government has no intention of unilaterally restructuring debt without consulting creditors. We will respect agreements and diligently use market-based instruments in our debt management.”
Other bidders were Newstate Partners, Potomac Group, Deustche Bank and Rothschild & Company, Absa Bank and Barclays Bank PLC, and White Oak Advisory Limited.