Zambia's international bondholders have criticised the International Monetary Fund's debt restructuring framework as "arbitrary" and for excluding the country's domestic debt, sources involved in the process have told Reuters. Zambia has been in default for almost two years and an IMF Debt Sustainability Analysis published last week called for its debt-service-to-exports ratio to be cut to a 140% "threshold" from 153% quickly and to 84% by 2027. "Now, all of a sudden, they have an arbitrary 84% number," said Kevin Daly, head of emerging market debt at Abrdn, who chairs a committee of bondholders estimated to hold around 45% of Zambia's $3 billion worth of international market debt. "How did you arrive at that number? It's such a different figure than the (140%) threshold," he told Reuters, calling on the IMF to meet with bondholders, who have complained of being left out of the loop as the IMF and bilateral creditors worked out a plan. Read more.