Zambia has agreed a memorandum of understanding (MoU) with its bilateral creditors on restructuring about $6.3 billion of debt, almost three years after the southern African country defaulted, the finance ministry said on Saturday.
Zambia was the first African country to default on its debt in the pandemic era and its restructuring process saw it agree broad terms to rework the debt with official creditors including China and members of the Paris Club of creditor nations in June.
"The next step is to secure a comparable agreement with our private creditors," Zambia's finance minister, Situmbeko Musokotwane, said. The copper producer's commercial creditors include international bondholders, who are owed more than $3 billion.
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