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Zambia Seeks Rapid Deals With IMF and Commercial Creditors (1)

Sept. 29, 2020, 3:17 PM

Zambia, the first African nation to seek debt relief from Eurobond holders since the onset of the pandemic, aims to reach a restructuring deal with creditors by the end of a six-month interest standstill it’s seeking, Finance Minister Bwalya Ng’andu said.

The government also plans to reach an agreement in principle with the International Monetary Fund over an economic program in the same time frame, he told bondholders in a web-cast on Tuesday. Zambia’s $1 billion of Eurobonds due 2024 fell 1.5% to 51.28 cents on the dollar by 4:10 p.m. in London.

The southern African nation has over the ...