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Watch onLONDON/JOHANNESBURG - Zambia reached a debt restructuring deal-in-principle with its international bondholders on Monday, bringing the southern African country closed to finishing a complex process that has lasted more than three years and been beset by numerous delays.2019-2020: Zambia faced challenges in repaying its debts, including its international dollar-denominated government bonds known as"Eurobonds".
November 2020: Zambia misses a $42.5 million payment on one of its international bonds, making it Africa's first pandemic-era sovereign default. October 2021: Zambia's finance ministry says its external debt was almost $17 billion on June 30, 2021, with debts to Chinese lenders almost twice the previous official figure.
October 2023: The government reaches an"agreement in principle" with a group of international investment and pension funds that hold $3 billion worth of its sovereign bonds that it had sold on the global capital markets. Angry bondholders say the OCC is demanding debt relief from them that is materially higher than either Zambia's government or the IMF deem necessary.
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