Zambian president indicates possible debt deal breakthrough

Hakainde Hichilema

LUSAKA – Zambian President Hakainde Hichilema expressed confidence in reaching a debt restructuring deal with official creditors, which he expects to be announced in Paris this week alongside French President Emmanuel Macron and Chinese Premier Li Qiang.

Hichilema stated that the three leaders have agreed to stand together in the coming days, implying that a deal is imminent.

Zambia has served as a test case for the G20’s Common Framework for debt restructuring, which involves traditional lenders from the Paris Club as well as new lenders like China and bondholders.

Hichilema believes that an agreement with Zambia could pave the way for other countries to follow suit, and he hopes that the framework can be rolled out to assist other nations facing debt challenges.

President Hichilema will be attending Macron’s Summit for a New Global Financing Pact in France, where discussions on the debt restructuring deal are expected to take place.

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