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Finance Ministry in talks with Eurobond holders ahead of crucial November 13 vote

November 10, 2020by Nicholas Kabaso0

Finance Minster Bwalya Ng’andu was on the wires yesterday, stating that Zambia is doing everything possible to avoid a sovereign debt default on  November 13, including sharing information on its Chinese debt with creditors. Ng’andu added that talks were ongoing with holders of dollar-denominated sovereign bonds in an effort to reach an agreement.  Whether these talks will materialize into an agreement, however, re-mains to be seen. Note, creditors are set to vote whether to grant Zambia an interest payment holiday on November 13, which coincides with the cut-off date for the grace period for missing a coupon payment on one of its Eurobonds. At present, creditors have indicated that the government has not presented a convincing plan to make its debt sustainable. There is also a lack of transparency and they are likely to vote against the request, potentially triggering a default event in Zambia.

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Nicholas Kabaso

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