Zambia Wins Debt Relief, Sets Precedent for Stressed Nations
- Bilateral creditors agree to restructure $6.3 billion of debt
- Creditors agree to extend maturities by over 20 years
Zambian President Hakainde Hichilema
Photographer: Geoffroy Van Der Hassel/Getty ImagesZambia reached an agreement in principle to restructure $6.3 billion of debt with bilateral lenders, setting a precedent for a growing list of countries struggling to service their liabilities. The nation’s dollar bonds rose.
On Twitter, Zambian President Hakainde Hichilema called the agreement “a significant milestone in our journey towards economic recovery and growth.”