Saudi Arabia reschedules Zambia's debt

By Wilson Mulinda

Zambia and the Kingdom of Saudi Arabia have signed a debt restructuring agreement under the G20 common framework aimed at rescheduling over 130 million US dollars that Zambia owes that country.

The two countries have also signed another agreement for the approval of an additional 35 million US dollar loan to finance the construction of King Salman Specialized Hospital in Zambia.

Speaking during the signing ceremony in Lusaka, Finance and National Planning Minister, Situmbeko Musokotwane, says the agreement is the formalization between the two countries to restructure Zambia’s debt for the resumption of debt servicing in 2026.

Meanwhile, Saudi Fund for Development Chief Executive Officer, Sultan Al Marshad, said the King Salman Specialized Hospital for Women and Children will provide a state-of-the-art medical facility with a capacity of 800 bed spaces.