Zambia ‘doing all the things potential’ to keep away from default – finance minister


Zambia is doing all the things potential to keep away from a sovereign debt default later this week, together with sharing info on its Chinese language debt with collectors, its finance minister instructed Reuters on Monday.

Zambia, which missed cost of a $42.5 million coupon on one in every of its Eurobonds final month, has requested collectors to delay curiosity funds till April, a request that has to this point didn’t obtain help from bondholders. A 30-day “grace interval” on the coupon cost expires on Friday.

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“We’ll wait and see. We’re doing all the things potential,” Finance Minister Bwalya Ng’andu instructed Reuters by cellphone. “The discussions (with bondholders) are on a steady foundation.”

When requested whether or not Zambia had the assets to pay the coupon inside the grace interval, he stated the southern African copper producer had dedicated to treating all its collectors the identical.

Eurobond holders have cited Zambia’s lack of progress in talks with the Worldwide Financial Fund and poor transparency relating to its borrowing from China as obstacles to them agreeing to its request to droop debt funds.

Ng’andu, nevertheless, stated his authorities had shared requested info with collectors.

“We’ve given all the knowledge that must be given in regards to the Chinese language debt,” he stated.