Zambia's Musokotwane Sees Commercial Creditor Deal In Months [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
“We expect the deal to be done in months,” said Finance Minister Situmbeko Musokotwane. “I am very confident that we have made a lot of progress,” he said in an interview with Bloomberg Television Tuesday in Washington. Africa's second-biggest copper producer — which in 2020 became the continent's first pandemic-era defaulter — has so far struck deals to revamp $10.1 billion of its liabilities, including with official creditors and eurobond investors. It has $3.3 billion remaining owed to commercial creditors including China Development Bank and the Industrial and Commercial Bank of China Ltd. The minister, in Washington to attend the Spring Meetings of the International Monetary Fund and World Bank, said a recent visit to China by a delegation from Zambia had been “extremely productive.” Zambia began the restructuring process in February 2021 under the Group of 20's Common Framework. The mechanism, which has been widely criticized for being too slow, seeks to bring the traditi
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