Zambia is closer to ending almost four years in default on its sovereign debt after nearly all holders of the southern African nation’s US dollar bonds voted to approve a long-delayed restructuring plan.
Holders of more than 90 per cent of the nearly $4bn in bonds had already backed the plan by last week ahead of a May 30 deadline, Zambia’s finance ministry said on Tuesday.
The support means Africa’s second-biggest copper producer is on track to implement a restructuring of the debt next month, after its 2020 bond default highlighted growing problems with the international architecture for resolving debt crises in poor countries.
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