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Bondholders Reject Zambia’s Request to Delay Repayments Due to Concerns Over How Much Government Owes China

File photo of Zambian president Edgar Lungu. GULSHAN KHAN / AFP

Zambia’s burgeoning debt crisis got a whole lot worse on Friday after a committee representing bondholders rejected the government’s request for a six-month repayment holiday on about $3 billion of Eurobond notes.

The committee represents 14 international financial institutions in the U.S. and Europe, holding about 40% of Zambia’s outstanding Eurobonds.

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