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Need to treat all creditors equally led to Zambia default, c.bank says

LUSAKA, Nov 18 (Reuters) - Zambia defaulted on its sovereign debt not because it could not pay but because it needed to treat all creditors equally, central bank Governor Christopher Mvunga said on Wednesday.

“One of the conditions is that all creditors have to be treated equally. ... It’s not that we could not pay. It’s just that if we pay one creditor then we need to pay all the creditors,” Mvunga told a news conference. (Reporting by Chris Mfula Writing by Alexander Winning Editing by Joe Bavier)

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