The Zambian kwacha saw an appreciation of over 10% in late June, reaching 17.4 per USD, marking its strongest performance in seven years. This surge follows reports of significant progress between Zambia and its official creditors toward a much-anticipated debt restructuring agreement. Once finalized, this agreement would allow the IMF to allocate USD 188 mln to Zambia. Earlier this month, Zambia’s official creditors’ committee convened to discuss “specific debt treatment” proposals following an urgent debt relief request from the country’s finance minister. Debt restructuring talks with creditors have been underway since 2020.