ZAMBIA: Point of no return

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Finance Minister Bwalya Ng’andu confirmed today, 13 November, that Zambia would “have no other alternative but to accumulate arrears” on its 2024 Eurobond, where the grace period on a USD 42.5mn coupon payment expires today. Zambia’s slide into official default became all but inevitable after bondholders rejected Zambia’s request for a six-month payment holiday earlier in the day. This means Zambia is in for a painful, protracted debt crisis and restructuring process, which will be all the more difficult to resolve because of President Edgar Lungu’s single-minded political prio
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