Zambia Reaches Deal To Restructure Over $6bn In Debt

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Zambia has reached a deal to restructure more than $6bn (£4.7bn) of debt owed to other governments.

President Hakainde Hichilema said the agreement marked a significant milestone in the journey towards economic recovery.

But he said work was needed to continue on a separate deal with private creditors.

Zambia was the first country to default on its debt during the Covid pandemic. Most of the money is owed to China.

The agreement was announced at a global finance summit in Paris.

There were calls for an overhaul of the international finance system to help poorer countries and tackle climate change.

Source: BBC