Skip to content

Creditors Give Zambia Assurances for $1.4 Billion IMF Deal

A street market in Lusaka, Zambia. 

A street market in Lusaka, Zambia. 

Photographer: Waldo Swiegers/Bloomberg

Updated on

Zambia’s official creditors, led by China and France, agreed to provide financing assurances the country has been waiting for to secure final approval from the International Monetary Fund for a $1.4 billion bailout.

The commitments to provide debt relief were the final hurdle needed for the Washington-based lender’s board to sign off on a deal Zambia first requested in 2019. It’s a significant step in a slow-moving debt-restructuring process that the government started in 2020, when it became Africa’s first pandemic-era sovereign defaulter.