Zambians Celebrate As Country Reaches Debt Restructuring Deal

Lusaka, Zambia — Zambia said it reached a long-awaited deal to restructure $6.3 billion of its debt, including its loans from China, its largest private creditor.

Zambia was the first African country to default on its debt during the coronavirus pandemic and analysts say the deal paves the way for developing countries in debt distress.

Zambian lawmakers Friday hailed the deal. They were in a jovial mood as they sang the national anthem during a parliamentary session, setting aside their…