African Development Bank pledges support for debt restructuring in Zambia
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E-mail Xinhua, July 19, 2023
LUSAKA, July 18 (Xinhua) -- The African Development Bank (AfDB) on Tuesday pledged its support for Zambia after the country secured an agreement with its official creditors on debt restructuring.
The bank was considering various options in supporting Zambia, including enhancing the country's capacity to negotiate its debts following the restructuring process, said AfDB President Akinwumi Adesina while meeting with Zambian President Hakainde Hichilema in Lusaka.
The bank, he said, will provide support for Zambia through its African Legal Support Facility, an international organization hosted by the bank to provide legal advice and technical assistance to African countries in the negotiation of their debt obligations.
He added that the bank will also support Zambia's reform process in collaboration with the International Monetary Fund (IMF) and the World Bank, and the AfDB is considering to grant the country 100-150 million U.S. dollars to facilitate the reforms.
On his part, the Zambian president thanked the AfDB for its support and called for more help as the country enters into negotiations with private creditors. Enditem
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