By Reuters Staff
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Zambia s President Edgar Chagwa Lungu addresses the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 25, 2019. REUTERS/Lucas Jackson
LUSAKA (Reuters) - 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 $42.5 million 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 pounds ($452,962), Yamba said in a statement.