According to the finance minister, Zambia hopes to finalise the restructuring of over $13 billion in external debt in the first half of 2024.

Situmbeko Musokotwane stated it was "complex and dangerous to give timelines" on a resolution to the restructuring, over three years since the country defaulted on its debt. 

However, he did say Zambia has made progress.

Speaking to the Financial Times at the African Mining Indaba in Cape Town, when asked whether the restructuring would be finalised in the first half of this year, the finance minister stated: "I'm hoping so. If I can get it even earlier, that would be better."

The minister's comments followed talks last month between Zambian officials and China as to why the largest creditor rejected a deal between the country and bondholders to restructure around $4 billion in US Dollar bond claims.

China claimed bondholders were not offering terms "comparable" with the relief creditors had already reached an agreement on, on over $6 billion of their own loans, the FT reports.

The bondholders said their proposal aligned with Zambia's debt criteria established by the IMF within a $1.3 billion rescue plan ratified last year, and expressed frustration over the incomplete disclosure of the full details regarding the official debt relief.

Last month, Zambian officials travelled to China to put forward proposals aimed at reigniting the restructuring negotiations.

The first objective of the talks in Beijing "was to get Chinese colleagues to clarify what exactly was not satisfactory, on the basis of which further engagements will be held with the other official creditors," according to Zambia's finance minister.

In addition, Zambia would hold talks with private creditors, stating: "Everyone must sit down and agree that the burden is being shared equitably."