The Ministry of Finance and National Planning of Zambia announced that it signed a debt restructuring agreement with Saudi Arabia on 26 December 2024 in Lusaka. “This is a crucial step in implementing the recommendations outlined in the Memorandum of Understanding of the Official Creditors Committee.

It is part of the recommendations from the October 2023 protocol signed by the Committee of Official Creditors, a joint initiative of the G20 and the Paris Club aimed at treating debt beyond the Debt Service Suspension Initiative (DSSI). This is the second agreement finalized since the signing of this protocol, after the one concluded with France on 8 December

In addition, fourteen other bilateral agreements are under negotiation to ensure comprehensive debt treatment and support Zambia's economic recovery efforts, said Minister Musokotwane.