- Zambia has concluded the most difficult part of negotiations to restructure its debt.
- The debt relief deal with its bilateral creditors on Thursday will see its payments on $6.3 billion of debt stretched out over about 20 years, with a three-year grace period.
- The agreement unlocks a much-needed $188 million payment from the International Monetary Fund.
- The government still needs to ratify the deal with each lender and negotiate comparable terms with commercial creditors, including bondholders.
- Zambia’s accord will free up money that was being used to service debt to grow the economy and invest, according to President Hichilema.
Zambia’s President Expects to See Debt-Restructuring Deal Wrapped Up Soon
Zambia's President expects debt-restructuring deal to be wrapped up soon. Accord stretches out payments on $6.3 billion of Zambia's debt over 20 years.