ZAMBIA’S DEBT JUNK STATUS WORSENS

Source:Diamond TV Zamabia.

Fitch Ratings has downgraded Zambia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’.

The downgrade means that Zambia’s debt default is eminent with little prospects of recovery.

This comes a day after the Zambian government expressed intention to engage bond holders to suspend interest payments on three Eurobonds amounting to $3 billion for six months.

Meanwhile Civil Society organizations have challenged government to remain committed to fiscal discipline to achieve debt sustainability.

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