Zambia to Pay 1% Interest After ‘Mission Impossible’ Debt Deal

Interest rates will rise after 14 years to a maximum 2.5%
Deal sets a precedent for other nations with unaffordable debt

Zambia has concluded the most difficult part of negotiations to restructure its debt, and sees remaining being wrapped up soon, President Hakainde Hichilema said. President Hichilema spoke with Bloomberg’s Jennifer Zabasajja in Paris where he attended a climate-financing conference.Source: Bloomberg

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By Matthew Hill

June 24, 2023 at 2:57 PM UTC

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Zambia will pay interest rates of as low as 1% until 2037 as part of its debt restructuring deal secured with nations including China this week, according to people with knowledge of the matter.