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Zambia is Very Close to Finalizing Its Debt Restructuring, But There’s Still One More Chinese Obstacle in the Way

Zambian President Haikinde Hichilema said "history has been made" when a deal with Eurobond holders was finalized, but he still has a few more steps to go in the debt restructuring process. Sergei SUPINSKY / AFP

Zambia’s breakthrough deal on Monday to restructure $3 billion of Eurobond debt helps the southern African country move tantalizingly close to finally ending three years of brutal negotiations with its various creditors.

Even though President Haikinde Hichilema’s government has already negotiated a deal with bilateral creditors, particularly China, $3.5 billion of commercial loans — many from Chinese banks — still need to be discussed.

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