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Zambia, bilateral creditors agreed debt rework memorandum of understanding – finance ministry
4:34 CAT | 15 Oct 2023
Zambia's Finance Minister Situmbeko Musokotwane attends a panel on the fourth day of the annual meeting of the IMF and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 12, 2023. [Photo: Reuters/Susana Vera ]
Zambia has agreed a memorandum of understanding (MoU) with its bilateral creditors on restructuring about $6.3 billion of debt, almost three years after the southern African country defaulted, the finance ministry said on Saturday in a statement.
Zambia was the first African country to default on its debt in the pandemic era and its restructuring process, which saw it agree broad terms to rework the debt with official creditors in June, has been beset by delays.
Source: Reuters
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