Host: Gbenga Aborowa
Guest: Trevor Hambayi, Senior Managing Partner, Development Finance Associates, Lusaka, Zambia
In Southern Africa, three years after an initial default on its debts, the Zambian government has taken a significant step by agreeing in principle to restructure its debt. The restructuring process involves a steering group consisting of holders of $3 billion in Eurobonds.
The Ministry of Finance and National Planning has confirmed that an agreement has been reached regarding the major commercial aspects of the proposed overhaul of bonds maturing in 2022, 2024, and 2027. As part of this agreement, claims amounting to over $700 million will be permanently waived.
Furthermore, a reduction in debt-servicing payments during Zambia's participation in the International Monetary Fund program is expected to generate approximately $2.5 billion in cash flow assistance.
The Hakainde Hichilema government has been grappling with a prolonged delay in restructuring $13 billion in external debt, which includes $3 billion in foreign currency bonds, dating back to a default in 2020 under the previous administration.
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Zambia's Debt Restructuring: Progress Made In Monumental Deals For Economic Relief | NC Prime | 27-10-23
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