Investment Times

Zambia’s Ministry of Finance said on Tuesday that more than 90% of holders of its $3 billion in outstanding international bonds had accepted its restructuring proposal so far, paving the way for the country to emerge from a lengthy default. Voting on the proposal only finishes officially on May 30. However, based on the instructions the government had received by May 24, “Zambia expects that the meetings will be quorate and that each of the extraordinary resolutions in respect of each series of existing notes will be approved at the relevant meeting,” the ministry said in a regulatory statement. Zambia...