LUSAKA, June 14 (Xinhua) -- Zambia is scheduled to hold a meeting with creditors on the country's debt restructuring program, a senior government official said on Tuesday.

       Situmbeko Musokotwane, Minister of Finance and National Planning, said the government has received an invitation to participate in a meeting organized by the Paris Club creditors on Thursday to be held in France on the debt restructuring process.

       The meeting follows staff level financing agreement that Zambia reached with the International Monetary Fund (IMF) in December last year.

       The minister told journalists during press briefing that the development was a step forward towards resolving the country's debt crisis.

       According to him, the Zambia team will join the virtual meeting to negotiate with creditors on debt restructuring through different approaches.

       The government, he said, was hopeful that the creditors will give the country debt relief after the meeting, a situation that may also result in the release of the IMF financial package of 1.4 billion U.S. dollars.

       An IMF delegation is expected in the country from June 14 to 15 to discuss progress made on debt restructuring, an important step towards a formal program with the international lender, according to a release from the finance ministry.

       The delegation, led by IMF Deputy Managing Director Antoinette Monsio Saye, will further hold discussions on recent economic developments, and the effect of global economic developments such as high oil and fertilizer prices on Zambia's economy.