Wednesday, February 21, 2024

Zambia to complete debt restructuring by 1H, 2024

by malinga
February 11, 2024 1:07 am 0 comment 56 views

Zambia hopes to complete a long-delayed restructuring of more than $13bn in external debt in the first half of this year, the Southern African nation’s Finance Minister said. Situmbeko Musokotwane said it was “complex and dangerous to give timelines” on a resolution more than three years after Africa’s second-largest copper producer defaulted on its debt, but that Zambia had made progress.

Asked whether the debt restructuring would be completed in the first half of 2024, Musokotwane said: “I’m hoping so. If I can get it even earlier, that would be better.”

The Minister was speaking to the Financial Times at the African Mining Indaba, an annual industry gathering in Cape Town.

(www.Financial Times.com)

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