Zambia says 94% of US$12.4bn external debt restructuring complete
On October 28, 2025, Zambia’s finance minister said the country has completed 94% of a US$12.4 billion external debt restructuring, with most bilateral creditors signed or committed and only procedural legal steps remaining to finalize agreements.
The desk brief
On October 28, 2025, Zambia’s finance minister said the country has completed 94% of a US$12.4 billion external debt restructuring, with most bilateral creditors signed or committed and only procedural legal steps remaining to finalize agreements.
A move to 92–94% creditor agreement reduces rollover risk and makes Zambia’s external debt profile closer to regularised status, potentially lowering the sovereign risk premium if remaining holdouts (notably private creditors and Afreximbank) align. Markets may respond to improved recovery expectations, but full exit from default and investor repricing depend on completion of legal signings and resolution with Afreximbank.
Whether Afreximbank and remaining private creditors sign the bilateral/legal documentation and the government announces a formal exit-from-default date.
Sources & verification
Developing storyFurther independent confirmation is required.
- Zambia achieves 92 pct debt restructuringnews.cn (opens in a new tab)
- Zambia nears completion of debt restructuring at 94%, says finance ministerecofinagency.com (opens in a new tab)
Public references supporting this brief.
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Zambia sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Zambin 33Jun 203396.1886.460%
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