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Zambia’s Eurobonds Tumble After $8.4 Billion Debt-Relief Request

  • Nation in 2020 became Africa’s first pandemic-era defaulter
  • IMF last month finalized a $1.3 billion bailout for Zambia
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Zambia’s eurobonds tumbled after the International Monetary Fund said the nation is seeking as much as $8.4 billion in debt relief as it prepares to start discussing restructuring foreign liabilities.

The southern African country, which in 2020 became the continent’s first pandemic-era sovereign defaulter, finalized a deal with the Washington-based lender last week for a $1.3 billion bailout and economic program. The government is seeking to restructure its external debt that reached $17.3 billion last year, and an IMF report published Tuesday set the tone for complex restructuring negotiations starting this month with creditors ranging from Chinese state-owned banks to eurobond holders.