Zambia outlines ‘ambitious’ six-month time frame for restructuring deal
The government sees restructuring deal with creditors and IMF by the end of a six-month interest holiday, but an analyst warns it's likely to take a lot longer
29 September 2020 - 19:10
Lusaka — 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...
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