Zambia prepares for debt default

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Zambia is on the brink of becoming the first African country to default following the outbreak of the Covid-19 pandemic.

In a statement published November 13, the country’s finance minister announced the country had failed to come to an agreement with creditors regarding a $42.5 million payment on a Eurobond.

“While government regrets that the bondholders did not approve the requests made by Zambia in good faith, we remain committed to finding a consensual and collaborative resolution to debt

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