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schema:articleBody	Zambia has asked its international commercial creditors for a six-month debt deferment due to the serious impact of the coronavirus pandemic, a senior government official told AFP Wednesday. The government this week sought a suspension of debt service payments for six months from October 14 on three Eurobonds because its finances had been "severely affected", it said in a statement. The country "a very challenging macroeconomic and fiscal situation", it added. A finance ministry statement said Zambia had decided to apply for the G20 Debt Service Suspension Initiative and had sought similar relief from its commercial creditors. Africa's second largest copper producer has also been hit by dwindling revenues due to a decline in metal prices. "The impact of Covid-19 has been severe, hence seeking the suspension of payments," Secretary for Treasury Fredson Yamba told AFP. Zambia had contracted three Eurobonds totalling $3.0 billion -- funds that were mainly channelled towards infrastructural development such roads construction. The landlocked southern African country has already defaulted on repayments of some loans acquired for several construction projects, including Chinese-funded ones, resulting in some being suspended or abandoned. "This is confirmation that Zambia is broke," said independent analyst Mambo Haamaundu. "Our treasury is depleted and now we have to ask the investors to give us time." Lenders will be closely following Finance Minister Bwalya Ng'andu's 2021 budget speech on Friday. "The standstill request is not surprising given the substantial external debt service schedule the government is facing," said Mark Bohlund of REDD Intelligence Research, in a note. Until recently, Zambian authorities had brushed aside growing concerns over the actual size of its external public debt, which had been putting pressure on the value of government bonds. In July President Edgar Lungu requested debt relief and cancellation from China due to the economic impact of the coronavirus pandemic. str-sn/jj
schema:headline	Zambia seeks six-month Eurobond debt repayment holiday
schema:mentions	Landlocked country 2009 flu pandemic Debt relief Copper Finance minister Agence France-Presse External debt Government debt Metal Zambia G20 Africa China Severe acute respiratory syndrome coronavirus 2 President of the United States Coronavirus disease 2019 Fredson Rodrigues Yamba language Actual Size Edgar Lungu Eurobond (external bond) Macroeconomics
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-23 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)

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