Written question asked by Ellie Chowns (Green Party) on Wednesday, 12 February 2025, in the House of Commons. It was due for an answer on Monday, 24 February 2025. It was answered by Catherine West (Labour) on Monday, 3 March 2025 on behalf of the Foreign, Commonwealth and Development Office.

Zambia: Debts

Question: To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, if he will make an assessment of the potential implications for his policies of the number of (a) non-bond and (b) other private creditors have reached debt restructuring agreements; and what information his Department holds on when Zambia is expected to complete the G20 Common Framework for Debt Treatments.

Answer: Zambia has now reached agreement on restructurings with its official creditors and private bondholders, though progress was slow initially. Good faith negotiations continue with remaining commercial creditors. The UK has been clear that private creditors must play their part in debt restructurings. The Paris Club, and now the G20 as part of the Common Framework process, are also clear on our collective expectation that private creditors must participate in restructurings on terms at least as favourable as those provided by government creditors, to ensure comparability of treatment. The UK continues to push for the improvement and expansion of the Common Framework to all lower and middle-income countries, including through our participation in the Paris Club, G20 Finance Track, and the Global Sovereign Debt Roundtable.

Secondary information