Zambia Deal With Bondholders Secures Key Win in Years-Long Saga

Nation has undergone three-year battle to reach debt pact
Move is much-needed result for Group of 20’s Common Framework

Hakainde Hichilema
Photographer: Patrick Meinhardt/AFP/Getty Images

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By Taonga Mitimingi and Matthew Hill

March 25, 2024 at 9:24 AM EDT

Updated on

March 25, 2024 at 11:51 AM EDT

Zambia has agreed to restructure $3 billion in eurobonds, clearing a key hurdle that’s delayed its three-year effort to escape debt default with implications for other nations seeking creditor deals.

“History has been made! We are pleased to announce the agreement with our eurobond holders,” Zambia President Hakainde Hichilema said in a statement on X.

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