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Zambia on track for debt restructuring next quarter -finance minister

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Zambia is pushing hard to complete the restructuring of nearly $15 billion of external debt in the first quarter of 2023 and is ‘in active engagement’ with its largest bilateral creditor China, Finance Minister Situmbeko Musokotwane said ReutersNEXT

Zambia's external debt worth around $15 billionJOHANNESBURG, Nov 30 - Zambia is pushing hard to complete the restructuring of nearly $15 billion of external debt in the first quarter of 2023 and is "in active engagement" with its largest bilateral creditor China, Zambia's finance minister said in an interview at the Reuters NEXT conference.

Zambia's Finance Minister Situmbeko Musokotwane told Reuters that China had sought clarification from the Zambian government and the IMF on their debt agreement, he said. China wants more clarity on the IMF assumptions on which the loan programme is based, he said, since these are meant to form the basis of the restructuring negotiations between Zambia and all its creditors.

 

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