Zambia External Bondholder Steering Committee Statement regarding OCC stance on Comparability of Treatment
LONDON, Nov. 20, 2023 /PRNewswire/ -- The Zambia External Bondholder Steering Committee ("the Committee") is very disappointed and deeply concerned with recent developments with regard to implementing an agreement with the Government of Zambia (the "Government") on a restructuring of Zambia's (i) US$750,000,000 5.375 per cent.
- LONDON, Nov. 20, 2023 /PRNewswire/ -- The Zambia External Bondholder Steering Committee ("the Committee") is very disappointed and deeply concerned with recent developments with regard to implementing an agreement with the Government of Zambia (the "Government") on a restructuring of Zambia's (i) US$750,000,000 5.375 per cent.
- Notably both Zambia and the Committee agreed that the AIP was compatible with the targets and parameters of the Debt Sustainability Analysis embedded in the approved International Monetary Fund ("IMF") program and the Comparability of Treatment principle as agreed with its Official Creditor Committee (the "OCC"), as confirmed in the Government's press statement of 26 October.
- It is not for official bilateral creditors to dictate debt terms to other creditors in circumstances where the Government has confirmed Comparability of Treatment.
- The Committee continues to stand ready and willing to implement the Revised AIP, supported by the Government and the IMF, if a way can be found to obtain OCC support or otherwise proceed with the debt restructuring Zambia so urgently needs.