REJECTION OF REVISED DEBT RESTRUCTURING PROPOSAL BY ZAMBIA`S OFFICIAL CREDITORS UNFORTUNATE

Economist Emmanuel Zulu has described as unfortunate the rejection of a revised restructuring proposal by Zambia’s official creditors at a time the country desperately needs debt restructuring

Bloomberg reports that Zambia’s official creditors have rejected a revised restructuring proposal, stalling the revamping of $3 Billion of outstanding Eurobonds which comes after the country last month reached an agreement with official creditors to restructure $6.3 Billion of debt.

In an interview with Phoenix News, Mr. Zulu says this is going to be difficult for Zambia especially that bondholders have different interests from the bilateral lenders and those that are under the G-20 Common Framework

He hopes Zambia can quickly get a fair deal with the bondholders that will align with the comparability of treatment under the G-20 Common Framework to help the country attain debt sustainability.