Zambia and UK Seal Landmark Debt Restructuring Deal

Zambia has signed a bilateral debt restructuring agreement with the United Kingdom under the G20 Common Framework, marking the conclusion of negotiations between the two nations.

At the signing ceremony in Lusaka, Finance and National Planning Minister Dr. Situmbeko Musokotwane welcomed the deal, saying it would ease debt servicing pressures and free up fiscal space for government to invest in critical infrastructure and social services. He noted that Zambia had made considerable progress in restructuring its debt obligations with support from key partners, including the International Monetary Fund, and said government attention was now turning firmly towards accelerating economic growth as part of its broader reform programme.

British High Commissioner Rebecca Terzeon praised Zambia's achievement in restructuring 100 percent of its official public debt — a milestone she attributed to the government's transparency and determination throughout the G20 Common Framework process. She also highlighted the wider contribution of UK financing to Zambia's development, noting that support from UK Export Finance has helped fund major health infrastructure across the country, including the construction of five district hospitals and more than 100 mini-hospitals.

The agreement represents another step forward in Zambia's economic recovery under President Hakainde Hichilema's New Dawn administration, which came to power in 2021 committed to restoring fiscal discipline and rebuilding investor confidence. With its official debt restructuring now complete, Zambia is well-positioned to focus on the growth agenda that will deliver tangible benefits for its people.