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Zambia seals $6.3 billion debt restructuring deal

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Zambia has clinched a deal to restructure more than $6 billion in debts owed to other governments, a French official said on Thursday in a long-awaited breakthrough to ease pressure on the southern African country's strained public finances.

Zambia in 2020 became the first African country to default on its sovereign debt during the COVID-19 pandemic and has struggled since in protracted negotiations to agree a deal on the $12.8 billion of external debt it was trying to restructure.

"We've already spoken to representatives of the private sector and they know what to expect, that they will have to restructure and make a comparable effort," the official added. The scale of the debt relief Zambia requires has been a concern for some of the country's main creditors. Zambian President Hakainde Hichilema was one of about 40 leaders attending a summit in France on Thursday and Friday aimed at easing the debt burden on some of the world's most vulnerable countries while freeing up billions of dollars in new funds for climate finance.

 

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