Professor Rodrigo Olivares-Caminal, Of Counsel at Kepler-Karst Law Firm and a specialist in debt restructuring, has published a new article on the Oxford Business Law Blog titled “Is Zambia the piece that is going to break the international financial architecture?”

In this article, Prof. Rodrigo Olivares-Caminal analyses Zambia's sovereign debt restructuring arrangement, which was finalized in October 2023 after nearly three years of negotiations. While the agreement was anticipated to provide relief for Zambia and serve as a validation of the IMF, World Bank, and G20's "Common Framework" for debt restructuring, the decision by official bilateral creditors to veto the deal has cast doubts on the initiative's effectiveness.

The author warns that the veto could have severe repercussions for Zambia and other low-resource economies. He emphasizes the critical need for African governments to have access to international financing to support their economic development.

For more information, please visit the Oxford Business Law Blog here.

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