{"id":11734,"date":"2023-04-15T16:05:48","date_gmt":"2023-04-15T16:05:48","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/zambia-sent-bondholders-debt\/"},"modified":"2023-04-15T16:09:05","modified_gmt":"2023-04-15T16:09:05","slug":"zambia-sent-bondholders-debt","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/zambia-sent-bondholders-debt\/","title":{"rendered":"Zambia sent bondholders debt restructuring proposal, finance ministry says"},"content":{"rendered":"<p>By Jorgelina do Rosario and Rodrigo Campos<\/p>\n<p>WASHINGTON\/NEW YORK (Reuters) &#8211;     Zambia last week gave its bondholders a &#8220;concrete proposal&#8221; for the restructuring of some $3 billion in eurobonds, the ministry of finance and national planning said on Friday.<\/p>\n<p>&#8220;We continue to engage actively with our bondholders and proposals are being exchanged,&#8221; the ministry told Reuters in a statement.<\/p>\n<p>The proposal &#8220;represents our commitment to finding a resolution that is acceptable to all parties and within the parameters set out by the IMF debt sustainability analysis.&#8221;<\/p>\n<p>Details of the proposal were not shared.<\/p>\n<p>The African nation&#8217;s external debt topped $17 billion at the end of 2021, of which one-third was owed to China, according to Zambian government data.<\/p>\n<p>Zambia defaulted on its overseas debt in 2020 and is working on a restructuring with bilateral creditors and private bondholders, but talks have dragged amid a lack of consensus on how to provide debt relief.<\/p>\n<p>Debt relief for struggling emerging market economies has been a central point of discussion this week at the spring meetings of the International Monetary Fund and World Bank in Washington.<\/p>\n<p>&#8220;Debt service is becoming a serious challenge,&#8221; Sierra Leone Finance Minister Sheku A.F. Bangura told reporters at a press briefing in Washington on Saturday. &#8220;It&#8217;s crowding out our spending on social infrastructure, mainly education and health. Internationally we need to pool our voices together for a stronger response &#8230; We need a stronger response on a global stage.&#8221;\u00a0<\/p>\n<p \/>\n<p> (Reporting by Jorgelina do Rosario in Washington and Rodrigo Campos in New York; Additional reporting by Joe Bavier in Washington; Editing by William Mallard and Andrea Ricci)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/zambia-sent-bondholders-debt\/file-photo-zambias-finance-minister-situmbeko-musokotwane-attends-the-annual\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3E072-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3E072-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jorgelina do Rosario and Rodrigo Campos WASHINGTON\/NEW YORK (Reuters) &#8211; Zambia last week gave its bondholders a &#8220;concrete proposal&#8221; for the restructuring of some $3 billion in eurobonds, the ministry of finance and national planning said on Friday. &#8220;We continue to engage actively with our bondholders and proposals are being exchanged,&#8221; the ministry told [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":11735,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[],"class_list":["post-11734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3E072-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/11734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=11734"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/11734\/revisions"}],"predecessor-version":[{"id":11736,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/11734\/revisions\/11736"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/11735"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=11734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=11734"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=11734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}