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Zambia’s banking sector anticipates the country’s rating agencies to improve its sovereign ratings following the successful restructuring of its external debt in the sum of US$10.1 billion.
This includes the US$6.3 billion with the Official Creditors Committee, which was agreed in principle in June 2023 and US$3.8 billion with bondholders, which was agreed in principle in March, 2024.
The Bankers Association of Zambia (BAZ) Chairperson, Lowani Chibesakunda, in a statement issued on Thursday, expressed confidence that the debt restructuring would improve the attractiveness and creditworthiness of the country.
BAZ congratulated all stakeholders involved in the development.
“As an industry we look forward to the next phase of the country’s economic growth and transformation as the debt relief creates the much-needed fiscal flexibility.
“As we celebrate this great milestone, the Bankers Association of Zambia understands that work has just began and we shall continue to partner with Government and all business sectors, to foster economic growth,” Chibesakunda said.
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