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Lusaka Misses its Deadline to Repay Debt

Zambia skipped a $56.1m coupon payment on January 30 on its Eurobond maturing in 2027, the finance ministry confirmed on Sunday. Zambia became Africa’s first pandemic-era sovereign to default after it missed a $42.5m Eurobond coupon payment in November. Zambia warned in October that it wouldn’t be able to meet obligations on foreign commercial debt unless creditors provided it with relief while the government worked to restructure its loans.