ZAMBIA surprised bondholders last week by outlining plans to suspend interest payments on its Eurobonds for six months from October 14. The African country, like many other peers, had already been granted a holiday on payments to bilateral creditors until the end of the year, but none of the others have yet approached their bondholders for equivalent relief. The bilateral "debt service suspension initiative" was agreed by the group of 20 leading economies in April offering 73 emerging markets countries relief on debts falling due during 2020 to give those nations extra financial capacity to deal with the coronavirus pandemic.
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