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Lenders reject debt relief request and Zambia misses overdue coupon payment

November 16, 2020by Nicholas Kabaso0

On Friday, creditors rejected Zambia’s request for debt relief, setting the country on course for a debt default. Holders of Zambia Eurobonds voted against the nation’s proposal to suspend interest payments for six months. In response to the vote’s outcome, the Finance Ministry in-dicated that while it regrets its request was turned down, it remained “committed to finding a consensual and collaborative resolution to debt sustainability issues”. Therefore, Zambia will continue to engage in constructive dialogue and share information with the ad hoc committee of bondholders and all other creditors in order to agree on a resolution that would gather support from all its creditors.

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Nicholas Kabaso

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