Statement by Secretary of the Treasury Janet L. Yellen on Zambia’s Debt Restructuring Announcement

PARIS- Secretary of the Treasury Janet L. Yellen released the following statement following Zambia reaching a debt restructuring agreement with official creditors.

“I welcome the consensus that official creditors have reached on providing a debt treatment to Zambia,” said Secretary of the Treasury Janet L. Yellen.  “During my trip to Zambia earlier this year, I saw firsthand how the weight of default and a stalled debt restructuring process can bring suffering to ordinary families and hold back economic growth. Debt relief for Zambia has been a top priority for me and has been something I have pushed for urgently both in public and in private with creditors. I am pleased that the international community has come together to support Zambia in its time of need.  I urge all official bilateral and private sector creditors to quickly finalize the debt restructuring process that will provide relief to Zambian families and encourage the private investment that is needed to jump start the economy.”