Zambia could lose gains achieved so far from macroeconomic reforms if its ongoing debt restructuring is further delayed, Treasury Secretary Felix Nkulukusa said on Wednesday.
The nation defaulted on its overseas debt in 2020 and is working on a restructuring with both bilateral creditors and private bondholders, but talks have been dragging on amid a lack of consensus on how to provide debt relief.
Zambia was the first African country to default during the COVID-19 pandemic and is in talks for $18.6 billion of debt, according to official data at the end of last year. While the nation secured a $1.3 billion loan from the IMF in September, it is still in talks with bilateral creditors such as China and the Paris Club under the Group of 20's Common Framework.
The next IMF payout to Zambia from the loan is contingent upon its bilateral creditors reaching an agreement on the long-delayed debt restructuring. The country recently completed the first review of the programme, and the next one is expected in about three months. Ceyla Pazarbasioglu, director of the IMF's Strategy Policy and Review Department, was more optimistic about Zambia's debt restructuring during the panel. "There is hope for good news next week", she said, without providing any further details.
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