Zambia’s debt restructuring limps over line as painful test case

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A woman displays a selection of Kwacha notes, the national currency and money used in Zambia in Lusaka, Zambia on February 27, 2024. PHOTO | REUTERS

More than three-and-a-half years, or 1,300 days, after resource-rich Zambia formally declared itself bankrupt it is about to drag itself out of default, leaving some hard lessons for richer nations about how their much-vaunted debt relief plan performed.

Tuesday will see its international bondholders vote through their part of a $13.4 billion debt restructuring and make Zambia the first to complete a full-blown rework under the G20-led 'Common Framework' architecture.