JOHANNESBURG - The International Monetary Fund (IMF) on Friday said it welcomed news that Zambia had reached an agreement in principle on restructuring $3 billion of its international bonds with a key creditor group.

An IMF spokesperson said the fund was studying the terms of the agreement to assess its consistency with the parameters of the country's IMF programme.

(Reporting by Rachel Savage; Writing by Nellie Peyton; Editing by Alexander Winning)