Latest news with #FelixNkulukusa
The Star
6 days ago
- Business
- The Star
Zambia achieves 92 pct debt restructuring
LUSAKA, July 24 (Xinhua) -- The Zambian government announced on Thursday that the country has made significant progress in restructuring its external debt, achieving over 92 percent agreement in principle with its creditors. Secretary to the Treasury Felix Nkulukusa said approximately 12.4 billion U.S. dollars of the country's external debt has been restructured to date. Only 7.8 percent of the external debt remained to be restructured with private creditors, he said during a meeting reviewing the performance of the 2025 budget in the first half of the year, as well as recent economic developments. In 2021, the Zambian government requested to restructure its external debt under the G20 Common Framework, a process established in response to the COVID-19 pandemic. Meanwhile, Nkulukusa said Zambia is expected to outperform its peers due to restored debt sustainability, increased mining production, and effective economic reforms. He added that Zambia is projected to experience a robust rebound with a 6.4 percent economic growth in 2026.
Reuters
06-06-2025
- Business
- Reuters
Zambia says Afreximbank loan is commercial and will be restructured
LUSAKA, June 6 (Reuters) - Zambia's Afreximbank loan is commercial and will be restructured, the country's treasury secretary said on Friday. "We are still negotiating with them. The debt will be restructured," Secretary to the Treasury Felix Nkulukusa told Reuters in Lusaka in response to a question on the status of Zambia's loan with Afreximbank. "It's not a concessional loan, it's a commercial loan." The African lender has said it is a multilateral institution which, like the IMF and the World Bank, is exempt from taking losses when countries default.
