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Home Economy

Zambia’s creditors refuse interest payments deferral request by State

5 years ago
in Economy, highlights, Home, home-news, latest News
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Bwalya-Ngandu, Zambia Finance Minister - norvanreports

Bwalya-Ngandu, Zambia Finance Minister - norvanreports

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Holders of Zambia’s issued Sovereign bonds, have declined the request by the South-Central African country to defer interest payments on bonds from October 14, 2020 to April 14, 2021.

This, is according to Zambia’s Minister for Finance, Bwalya Ng’andu, in a letter copied to norvanreports on November 13, 2020.

Zambia’s Finance Ministry prior to the Covid-19 pandemic issued three sovereign debt instruments; the first being a $750 million debt instrument with a 5.375 per cent interest, the second being $1 billion debt instrument with 8.5 per cent interest and the third being $1.25 billion with 8.97 per cent interest.

The Government, faced with economic challenges brought about by the global pandemic, in September this year, however, announced the suspension of debt service payments to holders of its bonds amounting to $3 billion, with the suspension expected to last for 6 months and cover upcoming coupon payments on debts due on October 14, 2020, January 30 and March 20 next year on the aforementioned debt instruments.

The country’s announcement of the suspension of debt service payments subsequently resulted in ad hoc meetings with its creditors and bond holders.

Per the letter issued by the Finance Minister, Zambia’s creditors have rejected requests by the country for modifications and waivers including the deferral of interest payments due on each bond during the period from October 14, 2020 to April 14, 2021 as set out in the Government’s Extraordinary Resolutions.

Announcing the outcome of the meeting, Mr Ng’andu, noted that despite the disapproval of bondholders to accept the nation’s request made in good faith, the Government of Zambia will remain committed to finding a consensual and collaborative resolution to its debt sustainability issues and continue to engage in constructive dialogue with creditors in order to agree on a resolution that would gather support from all creditors.

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Find below details of the letter:

1605267156-Zambia – Press Statement on Eurobond Voting – 13.11.20 by Fuaad Dodoo on Scribd

Source: norvanreports
Tags: Bwalya NganduFinance ministryZambia
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