"We are still negotiating with them. The debt will be restructured," Secretary to the Treasury Felix Nkulukusa told Reuters in Lusaka in response to a question on the status of Zambia’s loan with Afreximbank.

"It’s not a concessional loan, it’s a commercial loan."

The African lender has said it is a multilateral institution which, like the International Monetary Fund and the World Bank, is exempt from taking losses when countries default.

--Reuters--