Zambia

Zambia: Hard default appears imminent

  • Ministry of Finance confirms that it will continue with debt standstill absent creditor approval

  • Dispute with China on treatment of arrears is preventing Chinese relief, which is in turn preventing commercial relief

  • This cements our view that restructuring negotiations likely to be drawn out; we retain ‘Sell’ recommendation

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Patrick Curran @ Tellimer Research
October 13th, 2020
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