Zambia Skips 2027 Eurobond Coupon Payment, Finance Ministry Says

Zambia skipped a $56.1 million coupon payment on Jan. 30 on its Eurobond maturing in 2027, the Finance Ministry confirmed Sunday.

The southern African nation became Africa’s first pandemic-era sovereign to default after it missed a $42.5 million Eurobond coupon payment in November.

Zambia warned in October that it wouldn’t be able to meet obligations on foreign commercial debt unless creditors provided it with relief while the government worked to restructure its loans.

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