Zambia expects to agree debt restructuring with creditors by mid-2022: Minister - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 2021-12-23 10:03 AM
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Zambia expects to agree on a debt restructuring plan with creditors around the middle of next year after reaching a preliminary understanding for a programme with the International Monetary Fund, Finance Minister Situmbeko Musokotwane said on Thursday.

Zambia endured Africa’s first COVID-era sovereign default in November 2020 after years of chronic government over-borrowing drove its debt burden above 120% of annual economic output.

“We expect that if all goes well, we should have agreement with creditors in the middle of next year,” Musokotwane said in parliament ahead of the approval of the 2022 national budget.

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