Zambia agrees foreign debt deal

Zambia’s government has reached agreement with its official creditors to restructure its foreign debt, it announced on June 22.

The deal paves the way for Zambia to unlock a new tranche of funding from the International Monetary Fund.

The settlement will allow the country to restructure $6.3 billion in debt, according to media reports. Zambia first defaulted on its external debt in November 2020.

Bank of Zambia figures put external debt at 48.6% of GDP in 2022, down from 61.2% the year before

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