Zambia's $3 Billion Eurobond Debt Restructuring Stalls as China and France Reject Revised Deal

Zambia's efforts to restructure its $3 billion eurobonds have hit a stalemate as official creditors, led by China and France, rejected a revised agreement reached with bondholders. The government stated that the proposed bond rework cannot be implemented due to objections from official creditors. This setback in debt restructuring could have negative repercussions for emerging market nations, and it reflects the complexities and challenges faced in the three-year process. The Central Bank of Zambia also raised its key interest rate to 11% in the midst of these financial challenges.