Zambia Debt: Zambia Reaches Eurobonds Deal On Debt Restructuring | NC Now | 28-10-23
In Southern Africa, the Zambian government, which had defaulted on its debts three years ago, has now agreed in principle to restructure the debt. This agreement involves a steering group consisting of holders of $3 billion in Eurobonds.
The Ministry of Finance and National Planning has confirmed that they have reached an agreement on the major commercial parameters for restructuring the bonds that mature in 2022, 2024, and 2027.
As part of this restructuring agreement, more than $700 million in claims will be permanently forgiven, and there will be reduced debt-servicing payments during Zambia's time in the International Monetary Fund (IMF) programme. This reduction in payments is expected to provide approximately $2.5 billion in cash flow assistance.
It's worth noting that the Zambian government, under President Hakainde Hichilema's leadership, has been working to address the extensive debt issues left from the 2020 default that occurred during the previous administration.
Host: Dashen Hussaina Usman
Guest: Emmanuel Zulu, Economic Analyst and Member of Zambia Civil Society Debt Alliance, Lusaka, Zambia.
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Zambia Debt: Zambia Reaches Eurobonds Deal On Debt Restructuring | NC Now | 28-10-23
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