Zambia, the first African nation to seek debt relief from Eurobond holders since the onset of the pandemic, aims to reach a restructuring deal with creditors by the end of a six-month interest “standstill” it is seeking, finance minister Bwalya Ng’andu said on Tuesday. The government also plans to reach an agreement in principle with the International Monetary Fund (IMF) over an economic programme in the same time frame, he said in a webcast on Tuesday. Zambia’s $1bn of Eurobonds due in 2024 fell 1.5% to 51.28c on the dollar by 4.10pm in London. The country has over the past decade taken on nearly $12bn of debt even as growth slowed and foreign-exchange reserves dwindled. The pandemic accelerated the crisis, prompting the government last week to request an interest-payment holiday from holders of its $3bn in Eurobonds while it plans a debt restructuring together with its adviser, Lazard Freres. Zambia wants debt relief from commercial creditors similar to what the so-called Paris Club group of lender nations had agreed to under a G20 initiative, according to Ng’andu.
SOURCE: BUSINESS DAY LIVE
More Stories
The Latest Sign of Progress in Ethiopia’s Peace Deal
Traditional Gender Norms are the Main Barrier to Ghanaian Women Pursuing Academic Careers
Tanzania is a Beautiful and Peaceful Country, but there is a Dark Side
Nigerian Official and Wife Found Guilty for Organ-trafficking Plot
Uganda Bill Makes Provisions for the Arrest and Imprisonment of LGBTQ People
Sex in a Mogadishu City
Algerian Authorities Dismantle an International Network of Migrant Smugglers to Europe
Blinken’s Trip is the Latest in a Series of Visits to Africa by US Government Figures
Film Tells the Story of a Tragedy Perpetrated in Africa by German Colonial Troops
The Top Ten Most Ethnically Diverse Countries are all African Countries
South Africa Still a Long Way Off in Building a National Culture of Human Rights
After Lawsuits and Demonstrations Led by Chagossian Women, Britain Paid Some Compensation through the Mauritian Government to the Exiled Chagos Population