Zambia has sent debt restructuring proposal to official creditors
2023.04.24 15:35
© Reuters. FILE PHOTO: Zambia’s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. REUTERS/James Lawler Duggan
LONDON (Reuters) – Zambia has sent a debt restructuring proposal to its official creditors, a spokesperson for the government’s advisors said on Monday.
The country, which was the major sovereign casualty of the COVID-19 pandemic and has been in default since 2020, said on Friday it would share a first fully-formed debt restructuring plan with China and other government creditors.
“We can confirm the proposal has been sent,” a spokesperson working with advisors to the government in Lusaka said.
Zambia has earmarked over $18 billion of debt for overhaul, but progress has been slow, hampered by the concerns of its main creditors, including China, about the scale of relief required.
