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The Zambia External Bondholder Steering Committee announced on 26 October 2023 that it has reached an agreement-in-principle with the Government of Zambia on a restructuring of the country's $750 million notes (5.375 percent yield) due 2022, $1 billion notes (8.500 percent yield) due in 2024, and $1.25 billion amortising notes (8.970 percent yield) due in 2027.

The proposed agreement on the Eurobonds will provide the government with significant cash flow and debt stock relief to support a restoration of macroeconomic and debt sustainability in the context of the IMF-financed programme and cure the long-standing default on the Eurobonds, according to a statement by the committee sent to Financial Nigeria.

The proposed restructuring terms provide both substantial up-front debt relief and future relief commensurate with Zambia's economic progress in the next few years, with enhanced repayment terms and higher coupons on one of the two new Eurobonds to be issued in the event that Zambia's debt carrying capacity, as assessed by the IMF and World Bank's Composite Indicator, moves to medium from weak or Zambia continues to meet or exceed current IMF projections as measured by exports of goods and services and fiscal revenues measured in US dollars.