Debt relief in Zambia has been pursued through international restructuring mechanisms, including the G20 Common Framework, the International Monetary Fund (IMF) and official bilateral creditors. Zambia faced elevated external debt levels before restructuring. It entered into a formal debt treatment process under the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative.
On June 22, 2023, Zambia’s Ministry of Finance and National Planning announced that Zambia had reached an agreement with its Official Creditors’ Committee on debt treatment under the Common Framework. The IMF issued a statement the same day welcoming the agreement and describing it as a significant step toward restoring debt…