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.
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