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Zambia has agreed to a revised deal to restructure more than $3.5bn (£2.7bn) of its international bonds with private investors. Sudan’s ruling Sovereign Council member Gen Ibrahim Jabir Ibrahim has said that the military would form “a technocratic government” to run the affairs of the country until elections are held.
Under the agreement, creditors will forego $840m in claims and Zambia will continue with an ongoing $2.5bn IMF cash flow relief programme. While addressing military officers and other officials in the eastern city of Gedaref on Monday, Gen Ibrahim said there would be a non-political transitional period in the country, state-owned Sudan News Agency (Suna) reported.
The deal follows months of tensions between China and other creditors over the proposed terms of the agreement. He said the "technocratic government will manage the affairs of the Sudanese people and prepare for elections".
Zambia had borrowed billions of dollars after the Covid pandemic to cushion the economy. “The armed forces will not enter any agreement with politicians.”
President Hakainde Hichilema has hailed the deal as "a historic milestone". Gen Ibrahim's remarks came days after another Sovereign Council member, Lt Gen Yasir al-Atta, said the army would not cede power to civilian groups until after elections are held in the country.
It's an important step in the country's effort to restructure its debt after defaulting in 2020. But Gen Atta also urged pro-army activist groups to form a government to run the country in a move that would have excluded the former civilian coalition the Forces of Freedom and Change (FFC), which shared power with the army before the October 2021 coup.
Monday's development follows a series of delays that had made Zambia a symbol of the failure of a G20 initiative for faster solutions to debt crises in poorer countries. The army accuses FFC of backing the paramilitary Rapid Support Forces but the group denies the allegation.
The initiative, known as the G20 Common Framework, was launched in 2020 to provide relief to low-income countries dealing with huge debt.
The implementation of the deal would make Zambia the first country to achieve debt restructuring under the G20 framework.
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