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Zambia’s President Hakainde Hichilema said that China and India have signed a deal to restructure the African nation’s debt. The deal to restructure $6.3bn of debt saw a deadlock in discussions last October when the Official Creditors Committee co-chaired by France and China rejected a deal in principle. China rejected last year’s deal noting that the agreement did not meet its understanding of “comparability of treatment”. China and India were the last two nations required to sign a deal to restructure their holdings of Zambia’s debt. Zambia needs deals with its creditors to continue a $1.3bn IMF bailout.
Zambia’s 8.5% bonds due April 2024 were up 0.4 points to 66.3 cents on the dollar.
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