(Bloomberg) -- Zambia, the first African nation to seek debt relief from Eurobond holders since the onset of the pandemic, aims to reach a restructuring deal with creditors by the end of a six-month interest standstill it’s seeking, Finanace Minister Bwalya Ng’andu said.

The government also plans to reach an agreement in principle with the International Monetary Fund over an economic program in the same time frame, he told bondholders in a web-cast on Tuesday. Zambia’s $1 billion of Eurobonds due 2024 fell 0.56% to 51.76 cents on the dollar.

The southern African nation has over the past decade taken on nearly $12 billion of debt even as growth slowed and foreign-exchange reserves dwindled. The pandemic accelerated the crisis, prompting the government last week to request a six-month interest-payment holiday from holders of its $3 billion in Eurobonds while it plans a debt restructuring together with its adviser, Lazard Freres.

Zambia wants debt relief from commercial creditors similar to what the so-called Paris Club group of lender nations had agreed to under a G-20 initiative, according to Ng’andu.

“We are committed to fair and equitable treatment of all creditors,” he said. “We expect the same level of commitment from creditors.”

Ng’andu’s time frame to reaching deals with creditors and the IMF might be overambitious. Eurobond holders want the government to first reach a deal with the International Monetary Fund over an economic program, and a general election scheduled for August next year may complicate that. Neighboring Mozambique took about three years to restructure its Eurobonds after starting talks with investors in 2016. Lazard and White & Case advised that government too.

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