Zambia is on the verge of finalizing a crucial Memorandum of Understanding (MoU) regarding its debt restructuring with official creditors.
Situmbeko Musokotwane, the Finance Minister, shared this development while speaking with Reuters in Marrakech, Morocco, and expressed optimism about securing the next tranche of funding from the International Monetary Fund (IMF).
Dr. Musokotwane informed reporters during a panel discussion that the MoU is anticipated to be signed within the upcoming week, as negotiations with the involved parties are reaching their conclusion.
In June, Zambia successfully negotiated a debt restructuring agreement for $6.3 billion owed to foreign governments, including China and members of the Paris Club of creditor nations.
To formalize this debt arrangement, Zambia’s final step is to sign the Memorandum of Understanding (MoU) with its official creditors.
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