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Business > Foreign Business
Debt-plagued Zambia reaches deal with China, other nations to rework $6.3B in loans, French say
By Associated Press
Jun 24, 2023 12:14 am
The agreement covers loans from countries including France, the United Kingdom, 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 nations in debt distress.
The International Monetary Fund (IMF) approved the deal, meaning it is 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 comment.

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