ECIC AR 2024 9TH

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Integrated Report 2024

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• In January 2024, Afreximbank supported a US$3.3 billion syndicate (oil-backed) loan to Nigeria, and in June 2024, the World Bank granted a US$ 2.25 billion loan. These loans are expected to support reform efforts and alleviate the cost-of-living crisis. • In the first half of 2024, the country’s parliament approved a plan to restructure approximately US$52 billion in short-term loans owed to the central bank to long term debt. The loans are expected to be converted to a 40-year debt at 9% interest. • The country is currently considering restructuring its debts and extending the repayment period of its obligations amidst rising debt-service burdens. • The country’s economic growth spiralled downwards following the negative impacts of the pandemic and shocks to its leading commodity export, copper. • Zambia has finalised debt restructuring for its US$3.5 billion bond with its biggest creditors, China and India. The deal will see the country restructure its three existing bonds into two new amortizing instruments, with extended maturities and lower interest payments. • The IMF approved a US$1.3 billion 38-month ECF arrangement to support the country’s National Development Plan. • In 2022, the government’s Arrears Clearance Programme (ACP) aimed to restructure US$18 billion in debt arrears and re-engage with the International Monetary Fund. Zimbabwe’s arrears on its external debt amount to 50.8% of GDP in 2024, whereas the public debt burden is at 98.5% of GDP in 2024. • To address its debt issues, the country is currently engaged in debt restructuring negotiations through its Structured Dialogue Programme encompassing official, multilateral creditors, Paris and Non-Paris Club creditors.

NIGERIA

ZAMBIA

ZIMBABWE

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