Zambia is working very hard with its creditors including China so that hopefully a debt restructuring can be agreed by the end of March or shortly afterwards, Finance Minister Situmbeko Musokotwane said on Wednesday.

Zambia was the first African country to default on its sovereign debt during the COVID-19 pandemic in 2020, but the restructuring of its external debts to creditors including China and Eurobond holders has been greatly delayed.

"We have done everything on our side to get the debt restructured. Unfortunately the process where so many interested groups are involved on the creditor side, there's been a delay," Musokotwane told an online forum.

The minister said delays in the debt restructuring process were putting pressure on the local currency as foreign investors were scared to invest in Zambian bonds for fear of their investment being subject to restructuring.



(Reporting by Chris Mfula in Lusaka and Rachel Savage in Johannesburg Editing by Alexander Winning)