Govt says Zambia negotiating $3.3 billion commercial debt restructuring


Zambia is reportedly in talks to restructure US$3.3 billion of commercial debt, after reaching a deal with overseas holders of its sovereign bonds last week.

Secretary to the Treasury, Felix Nkulukusa, at a public meeting on Wednesday said this in reference to private creditors other than bondholders.

“We have already started negotiations and with some we are almost reaching there.

“The US$3.3 billion is the money that we have to continue engaging (on) and we are engaging in good faith,” Nkulukusa said in his presentation at the public forum.

He noted that Zambia was currently restructuring about US$13.4 billion of its debt.

Zambia reached a deal-in-principle with a group of private commercial bondholders, western asset managers and hedge funds to rework about US$3 billion in international bonds last week.

This brought the country closer to finishing a complex process after multiple delays.

The remaining commercial lenders include the Chinese state-owned China Development Bank and Industrial and Commercial Bank of China, the African Export-Import Bank, a regional trade finance provider, and western banks such as Standard Chartered.

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