By NATION REPORTER
ECONOMIST Noel Kabwita says Zambia is likely to default payment of the Eurobond which will be due next year due to current delays to conclude the debt restructuring process.
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Mr Kabwita said Zambia’s US$930 million Eurobond is expected to be due by April 2024.
He said the country already defaulted in 2022 on the US$750 million Eurobond, and defaulting in 2024 will dent the country’s image.
Mr Kabwita said the pace at which the debt restructuring process is moving is worrying, which is clear that the country is likely to default come next year.
He said as it stands, the country also has no capacity to repay this loan before the due date.
He said if the country goes in that route, it will have a negative impact on the economy because the situation will scare away investors.
Mr Kabwita also indicated that the government will shift its efforts to mobilise resources to pay the loan and neglect development.
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