On Saturday, 24 February 2024, His Excellency the President, Mr. Hakainde Hichilema, revealed that Zambia had made further progress in the debt restructuring journey as more of the remaining Official Creditors had signed off on the debt deal agreed for Zambia. It signals further progress towards concluding all formalities required for the payment terms for US$6.3 billion of Zambia’s total debt.
To recap, Zambia agreed on the broad terms of this portion of the debt in June 2023, and the Official Creditor Committee signed the MOU confirming this in October 2023. What remained was the signing of agreements with each creditor separately.
