Zambia’s creditors, including China, have agreed to restructure the country’s $6.3bn public debt, providing financial relief to the first African nation to default following the Covid-19 pandemic, officials announced on Thursday. This decision comes after protracted negotiations over differences between China and Western creditors on Zambia’s $18.6bn external debt. Prior to the conclusion of the debt restructuring negotiations, the local currency appreciated by just over 12% in June driven mainly driven by positive sentiment. With announcement, market participants are predicting additional strengthening of the Kwacha as key fundamental and technical factors buoy the currency. We ask four experts:Government securities market will reopenFor Victor Chileshe, the head Global Markets at Stanbic Bank Zambia, a unit of South

Source: The North Africa Journal June 23, 2023 13:19 UTC