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.
