Zambia will pay about $750 million in the next decade compared to almost $6 billion that was due to official creditors before the debt restructuring.
"The next step is to secure a comparable agreement with our private creditors," Zambia's finance minister, Situmbeko Musokotwane, said.
Zambia is committed to remaining in arrears to its commercial external creditors, the ministry said, until it secures a debt deal with comparable terms to the official creditor agreement.
It is unclear how long the signing of the agreements between Zambia and each bilateral creditor is going to take.
On Thursday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Zambia had signed the MoU with official creditors, which was later walked back by Zambia's finance minister and the IMF.
Persons:
Situmbeko Musokotwane, Susana Vera, Musokotwane, Kristalina Georgieva, Rachel Savage, Jorgelina, Giles Elgood
Organizations:
Zambia's, IMF, World Bank, REUTERS, Rights, Paris Club, OCC, Monetary Fund, Thomson
Locations:
Marrakech, Morocco, Rights MARRAKECH, Zambia, China, France, Africa, Rosario