Africa-Press – Zambia. The Zambian Government and the Steering Committee of the Ad Hoc Creditor Committee has reached agreement in principle on the key commercial terms of a proposed restructuring transaction relating to the Government’s bonds due 2022, 2024 and 2027.
The deal includes permanently waiving about $700 million in claims and offering about $2.5 billion in cash flow relief through reduced debt-servicing payments during the nation’s International Monetary Fund ( IMF) program period, it said.
“Today’s agreement with the steering committee brings us closer to the completion of Zambia’s debt restructuring, which will release significant resources for our developmental agenda,” Finance Minister Situmbeko Musokotwane said in the statement.
The deal comes less than two weeks after Zambia agreed a memorandum of understanding to restructure its loans with official creditors.
CONGRATULATIONS HON MUSOKOTWANE AND TEAM
For More News And Analysis About Zambia Follow Africa-Press
