Zambia will restructure its debt with regional lenders including the African Export-Import Bank and remain in default on those payments until the process is completed, Finance Minister Situmbeko Musokotwane said.
The stance — similar to Ghana’s as that country overhauls its own loans — is at odds with Afreximbank’s position that its “preferred-creditor status” means it shouldn’t have to absorb losses like other commercial lenders. The difference of opinion may set the stage for a bitter dispute that could set a precedent for how Afreximbank and similar lenders on the continent have their debt treated in other restructurings.