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.