LUSAKA - $5.9 billion is the amount Zambia owed Chinese lenders at the end of 2022, according to the most recent data from the International Monetary Fund (IMF).

Zambian President Hakainde Hichilema announced that Zambia had finally signed debt restructuring deals with China, its single largest creditor.

It also reached a similar agreement with India. The restructuring deals will help boost a $1.3 billion IMF bailout program aimed at economic recovery in Zambia, where the nation is struggling under the weight of $13 billion in debt.

The country defaulted on its debt in 2020, when it stopped making payments on its loans. Hichilema said the country would now shift its focus to sealing debt restructuring deals with private creditors.

Zambia’s bonds jumped to their highest level since June 2022 on Monday following the announcement.