Zambia Creditors Call for IMF Plan to Anchor Debt Overhaul

Zambia’s newly-formed creditor group is encouraging the government to bring a planned debt overhaul under the scope of an International Monetary Fund bailout, to help put the nation’s public finances on a sound footing, Bloomberg News reported. The government in Lusaka should vet its reform plans with the Washington-based fund and unlock aid to help finance projects to support an economic recovery, according to a representative of investors holding about a third of the nation’s dollar bonds. Talks between Zambian officials and the IMF started on Monday after a request for emergency funding was sidelined due to concern over the sustainability of debt. The government has hired Lazard Ltd to advise on its debt that’s set to exceed 100% of economic output. Read more