File photo of Zambian president Edgar Lungu. GULSHAN KHAN / AFP
In less than three weeks, a group of Zambian bondholders, mostly in New York and London, will reconvene to vote on whether or not to approve Lusaka’s request for a six-month repayment holiday on about $3 billion of Eurobond notes that are coming due.
These private creditors have made their demands to the government clear: give us a plan that clearly shows the extent of Zambian debt to Chinese creditors and provide us with assurances that the International Monetary Fund has agreed to step in with a debt restructuring program. Most importantly, bondholders want to ensure the principle of “equal treatment” is applied to all creditors.
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Zambia on Saturday became the first African country this year to default on a portion of its debt after a coalition of bondholders refused the government’s request for a 6-month repayment holiday. The ...