Zambia Committed to Eurobonds; to Pay Debt ‘on Time, in Full’
- Country will only refinance debt after talks with bondholders
- Nation wants help refinancing 2022 debt, president says
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Zambia is committed to meeting repayment obligations on its Eurobonds “on time and in full,” and comments by the president that it’s seeking help to refinance the securities are not “a signal of failure” to repay the debt, Finance Minister Margaret Mwanakatwe said.
Zambia, which Moody’s Investors Service cut further into junk last week, wants assistance to refinance its first Eurobond that matures in 2022, President Edgar Lungu said during a meeting with his Turkish counterpart Recep Tayyip Erdogan. The southern African country has three dollar-denominated bonds totaling $3 billion outstanding.