ZAMBIA LIKELY TO DEFAULT ON ITS EUROBOND DUE IN 2024 OWING TO CURRENT DELAYS TO CONCLUDE DEBT RESTRUCTURING PROCESS WITH CREDITORS
By Nonhlanhla Phuti
Economist Noel Kabwita has charged that Zambia is likely to default on its Eurobond due in 2024 owing to the current delays to conclude the debt restructuring process with its creditors.
With Zambia’s $930 million Eurobond due in April 2024, Mr. Kabwita is concerned that the pace at which the debt restructuring process is moving, chances for the country to default on its payments are high.
In an interview with Phoenix News, Mr. Kabwita explains that Zambia currently has no capacity to repay the loan before the due date.
He says this may negatively impact the economy as it entails that the country will have to pay more interest if the debt restructuring process is not concluded on time.