Indebted Zambia has appointed communication firm Highgate Advisory Ltd as it negotiates with creditors to restore its debt to sustainable levels, Secretary to the Treasury Fredson Yamba said.
Zambia, Africa’s second-largest copper producer, is seeking debt relief from its creditors after missing a US$42.5M bond coupon payment in November, becoming Africa’s first pandemic-era sovereign default.
Highgate has been engaged for a period of six months at a cost of £333,403 (US$452,962), Yamba said in a statement.
“Highgate is specialized in debt restructuring communication and has assisted a number of countries in debt restructuring programmes,” the statement said.
Zambia last year chose French company Lazard Freres to provide advisory services regarding liability management for its debt portfolio.