After months of inaction, there’s word now of an important breakthrough in restructuring Zambia’s ballooning $32 billion debt. China, widely perceived as the lone holdout, has finally agreed to join a multi-party creditors committee, according to IMF Managing Director Kristalina Georgieva during the group’s Spring Meetings that took place last week in Washington.
Georgieva reportedly relayed comments made by Chinese central bank governor Yi Gang during the IMF meetings that Beijing plans to co-chair the creditor committee.
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