LUSAKA, Oct 3 (Reuters) – Zambia has not but began negotiations with its collectors however is getting ready for the primary assembly, Finance Minister Situmbeko Musokotwane mentioned on Monday at a public assembly to debate the nation’s annual finances.
The southern African nation turned the continent’s first pandemic-era sovereign default practically two years in the past and in accordance with the Worldwide Financial Fund, is in search of $8.4 billion of debt reduction from 2022 to 2025.
“Have we began negotiations with collectors? Not but however proper now now we have preparations for the primary assembly,” Musokotwane mentioned in response to a query.
He didn’t give a timeline when requested how assured he was {that a} memorandum of understanding can be signed with collectors by the top of this yr or the primary quarter of subsequent yr.
Zambia’s exterior public debt reached $14.87 billion on the finish of June 2022, Musokotwane mentioned at a finances speech final week. Zambia’s collectors embrace Chinese language lenders and bondholders.
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Reporting by Chris Mfula
Writing by Bhargav Acharya
Enhancing by James Macharia Chege
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