Zambia’s sigh at Eurobond debt deal, does it bring relief or new raft of challenges?
By MUBANGA LUCHEMBE
ZAMBIA’S historic agreement with its creditors to restructure its US$3.5 billion Eurobonds has come as a huge sigh of relief to the country that had a long-drawn debt-crisis. Either that or it could only delay a bigger crisis in future. President Hakainde Hichilema announced recently that an agreement was reached under the G20 Common Framework, lifting a key hurdle in his government’s push to restructure the country’s US$18.6bn external debt.
The debt-restructuring negotiations had been held back by differences between China and Western creditors.
Finance and National Planning Minister Situmbeko Musokotwane described the agreement with the Eurobond holders as a “major milestone all have been looking forward to.” CLICK HERE TO READ MORE
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