Debt-plagued Zambia reaches deal with China, other nations to rework $6.3B in loans, French say
The French government says that Zambia has reached a deal with China and several other government creditors to restructure $6.3 billion in loans PARIS -- Zambia and its government creditors, including China, have reached a deal to restructure $6.3 billion in loans , the French government announced Thursday on the sidelines of a global finance summit in Paris. The agreement covers loans from countries including France, the UK, South Africa, Israel and India as well as China — Zambia's biggest creditor at $4.1 billion of the total. The deal, announced by officials who spoke anonymously in accordance with the French government's customary practices, may provide a roadmap for how China will handle restructuring deals with other nation s in debt distress. The Inter nation al Monetary Fund approved the deal, meaning it’s going to allow Zambia to receive more financing from the institution, the French said. A representative from the IMF did not immediately respond to a request for c...