Zambia strikes debt-restructuring deal with China and other nations.
Zambia has reached a deal with its government creditors, including China, to restructure $6.3 billion in loans, according to the French government. The agreement covers loans from countries including France, the UK, South Africa, Israel, and India, as well as China. The International Monetary Fund has approved the deal, which may provide a roadmap for how China will handle restructuring deals with other nations in debt distress. The deal is the second to be agreed under a mechanism called the Group of 20 Common Framework.