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Zambia is said to have made progress regarding its debt restructuring proposals with commercial creditors in China. The country’s debt revamp plans have been affected for the last three years. Its Treasury Secretary Felix Nkulukusa added, “there is no definition and it is subject to value judgment… We want Zambia’s debt to be restructured now”. Bloomberg notes that these talks are separate to that which Zambia has already concluded with its Official Creditor Committee for over $6.3bn in loans. EXIM China accounts for ~$3bn of that debt with Zambia also owing over $100mn to other Chinese commercial creditors like Jiangxi Bank and ICBC.
Zambia’s dollar bonds were trading stable with its 8.97% 2027s at 63.5 cents on the dollar.
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