Zambia debt relief pledge clears way for $1.4 billion program, says IMF.
G20 Finance Ministers, Central Bank Governors and head of delegates attend the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia. Made Nagi/Pool via REUTERSJAKARTA/LONDON, July 30 - Zambia's creditors pledged to negotiate a restructuring of the country's debts on Saturday, a move IMF managing director Kristalina Georgieva welcomed as "clearing the way" for a $1.4 billion Fund programme.
In 2020, Zambia became the first African country in the pandemic era to default. The restructuring of its external debt, which amounted to more than $17 billion at the end of 2021, is seen by many analysts as a test case."Very pleased the Official Creditor Committee for Zambia has provided its financial assurances clearing the way for a Fund program," IMF managing director Kristalina Georgieva said in a tweet.
It also called on private creditors to "commit without delay" to negotiating debt relief on terms at least as favourable. Kevin Daly, who chairs a committee of holders of Zambia's Eurobonds, welcomed the bilateral creditors' statement, but repeated a call to be given access to the IMF's Debt Sustainability Analysis , which forms the basis of negotiations.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF says debt plan should unblock $1.3bn for ZambiaThe IMF said that an agreement by Zambia's creditors to restructure the country's crushing debt load has helped clear the way for IMF-support funds.
Read more »
US lottery player wins jackpot topping $1.3bnA lucky US lottery player has won a Mega Millions jackpot worth more than $1.3-billion, one of the highest prizes ever.
Read more »
Zambia to cancel over $2 bln in loans to address debt woesZambia has engaged lenders to facilitate the formal cancellation of over $2 billion in undisbursed loans as part of measures to address its debt challenges, the ministry of finance said on Friday.
Read more »
G20 chair says Zambia's creditors commit to negotiate restructuring termsZambia's creditors committed to negotiating a restructuring of the country's debts and expressed support for the 'swift adoption' of a proposed $1.4 billion IMF program, G20 chair Indonesia said on Saturday.
Read more »
IMF says debt plan should unblock $1.3bn for ZambiaThe IMF said that an agreement by Zambia's creditors to restructure the country's crushing debt load has helped clear the way for IMF-support funds.
Read more »
Zambia to cancel over $2 bln in loans to address debt woesZambia has engaged lenders to facilitate the formal cancellation of over $2 billion in undisbursed loans as part of measures to address its debt challenges, the ministry of finance said on Friday.
Read more »