Zambia to sign debt restructuring MoU with official creditors

By Brian Mwale

Zambia is poised to sign a Memorandum of Understanding on its debt restructuring with official creditors.

Finance Minister SITUMBEKO MUSOKOTWANE has told Reuters in Marrakech, Morocco that the key step to securing the next tranche of funding from the International Monetary Fund- IMF- have been made.

Dr. MUSOKOTWANE told reporters after panel discussions that the MoU will hopefully be signed next week as the parties are close to finalising it.

Zambia clinched an agreement in June to restructure 6.3 billion dollars in debt owed to governments abroad including China and members of the Paris Club of creditor nations.

To formalise the debt deal, Zambia has to sign a memorandum of understanding –MoU- with the official creditors.

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