- 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 has concluded the most difficult part of negotiations to restructure its debt, and sees remaining talks being wrapped up soon, President Hakainde Hichilema said.
Matthew Hill
