LUSAKA, March 25 -- Zambia's bondholders have reached an agreement with the southern African country on the restructuring of its debts, said a statement released Monday.

The statement said the agreement follows the Zambian government's confirmation that its terms are compatible with the country's official creditor committee's comparability of treatment assessment and the International Monetary Fund's program parameters under the second review framework.

"We are pleased to have finally reached a definitive and conclusive agreement with the government that is supported by all stakeholders and which will, in due course, restore full international capital market access to Zambia and encourage long-term investment in the country, to the benefit of all Zambians," read the statement, released by the Zambia External Bondholder Steering Committee.

The committee has since encouraged all holders of the Eurobonds to carefully consider the terms of the government's prospective offer about the 2024 agreement and make their independent appraisal of the merits and risks of participation.

"We are pleased to announce the agreement with our Eurobond holders," Zambian President Hakainde Hichilema said on his social media pages that this is to restructure more than 3.5 billion U.S. dollars in debt under the G20 Common Framework.

Zambia issued three Eurobonds of 750 million dollars in 2012, 1 billion dollars in 2014, and 1.25 billion dollars in 2015.

  - Xinhua