Zambia prepares for debt default
Talks on payment freeze fail as G20 prepares to debate further debt relief
Zambia is on the brink of becoming the first African country to default following the outbreak of the Covid-19 pandemic.
In a statement published November 13, the country’s finance minister announced the country had failed to come to an agreement with creditors regarding a $42.5 million payment on a Eurobond.
“While government regrets that the bondholders did not approve the requests made by Zambia in good faith, we remain committed to finding a consensual and collaborative resolution to debt
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