Zambia’s has moved a step closer to restructuring over $3 billion of International bonds after entering into non-disclosure agreements with overseas bond holders.
According to Reuters, this marks a key step to the beginning of formal talks to restructure international bonds.
Reuters quotes sources with direct knowledge to the deal, as saying government is expected to share with some of its biggest international bondholders – members of the creditor committee – detailed information that will form the basis of debt restructuring
The move comes after Zambia, Africa’s second-biggest copper producer, clinched a deal with bilateral creditors such as China and the Paris Club to rework about $6.3 billion of debt in June,.
Meanwhile, Finance Minister SITUMBEKO MUSOKOTWANE could not be immediately reached for a comment.
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