Zambia’s Creditors Close to Debt Restructuring Deal, IMF Says
Zambia’s creditors are close to agreeing to a long-awaited debt restructuring deal that will allow the International Monetary Fund to disburse $188 million to the distressed African nation.
“We’ve had initial agreements to provide financing assurances so the IMF can proceed with providing financing with Zambia,” Abebe Aemro Selassie, the fund’s director of the African Department, said during a panel at the Bloomberg New Economy Gateway Africa forum in Marrakesh, Morocco, on Tuesday.
Zambia’s official creditors committee met earlier this month to discuss proposals for a “specific debt treatment” after the country’s Finance Minister Situmbeko Musokotwane appealed to creditors for urgent debt relief.
The fund and Zambia are having “very very active discussions and we are very hopeful that something will come through in the next few weeks,” he said.
This article originally appeared on Bloomberg