Zambia’s Finance Minister stated this Wednesday that the nation is working exhausting with collectors, together with China, with the intention to agree a debt restructuring by the top of March or shortly afterwards.
In keeping with Situmbeko Musokotwane, China, Zambia’s largest bilateral creditor, was being engaged on the debt restructuring with bilateral engagements on an nearly weekly foundation.
Zambia’s exterior debt stood at $14.87 billion on the finish of June 2022, the minister stated beforehand.
Chinese language lenders accounted for nearly $6 billion of debt on the finish of 2021, in response to authorities knowledge.
Zambia was the first African nation to default on its sovereign debt in the course of the COVID-19 pandemic in 2020, however the restructuring of its exterior money owed to collectors together with China and Eurobond holders has been tremendously delayed.