Official creditors of Zambia, Chad and Ethiopia are set to meet in July, according to International Monetary Fund (IMF) chief Kristalina Georgieva, in a bid to promote efforts to overhaul their debt burdens.
The three African nations have all signed up for debt treatment under the G20 Common Framework – an initiative launched in 2020 and designed to streamline debt restructuring efforts in the wake of poorer countries buckling under the fallout from the COVID-19 pandemic.
It struck a deal with creditor nations in June 2021, but has struggled to finalise talks with private creditors. Georgieva was more upbeat on Zambia, where China had agreed to co-chair official creditor committee, but added “we have to move fast.” The IMF said in June it wanted to start talks with Ethiopia over a funding program as soon as conditions allowed.
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