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LUSAKA, Dec 7 (Reuters) - Zambia plans to refinance Eurobonds totalling around $2.8 billion that it issued between 2012 and 2015, Finance Minister Felix Mutati said on Wednesday.
“The strategy for the Eurobonds next year is refinancing. We want to refinance the Eurobonds and get longer dated bonds at a bit of lower cost
so that we minimise our debt,” Mutati told reporters.
Mutati said the equivalent of 19 percent of Zambia’s gross domestic product (GDP) was being used to service debt.
“We want to reduce that from around 19 percent to somewhere around 15 percent so that the release of resources can be used to support the vulnerable,” he said.
Zambia issued a $750 million Eurobond in 2012 followed by another amounting to $1 billion in 2014 and another worth $1.25 billion last year, mainly for infrastructure projects. (Reporting by Chris Mfula; Editing by Raissa Kasolowsky)