IMF, World Bank see progress on debt relief as Zambia poised to sign deal

MARRAKECH, Morocco, Oct 12 - The International Monetary Fund on Thursday hailed progress on a long-awaited memorandum on Zambia's debt restructuring, and said consensus was growing on thorny issues such as the comparability of treatment of private and public creditors.

Zambia Finance Minister Situmbeko Musokotwane, speaking on the same panel as Georgieva, said it has been"embarrassing to find ourselves in debt distress," which forced the country to cancel infrastructure projects it could no longer afford. "Assessing and enforcing comparability of treatment between official bilateral and private creditors remains a divisive issue and no consensus could be reached among all stakeholders," the statement said.

It clinched an agreement in June to restructure $6.3 billion in debt owed to governments abroad including China and members of the Paris Club of creditor nations, but a formal memorandum of understanding has taken months to complete.

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