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Zambia’s Bondholders Want More Info on IMF Deal, Renew Calls For All Creditors to be Treated the Same

Some of Zambia’s bondholders are once again expressing impatience with the government’s handling of its debt relief talks and they’ve gone public with their longstanding demands for greater transparency in the process and equal treatment for all creditors.

“Inter-creditor equity should be of paramount importance in the authorities’ approach to restoring debt sustainability,” said the Zambia External Bondholder Committee in a statement published on Friday. That “equity” reference, in particular, references a concern that dates back to the beginning of the Zambian debt crisis. Bondholders have long been fearful that the government will secretly strike a sweetheart deal with Chinese creditors. In particular, they fear that Zambia’s 18 different Chinese creditors wouldn’t have to take the same losses they do, and that any savings from a debt deal with bondholders would be used to repay some of the $6.6 billion of Chinese loans.

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