Zambia became the first African country to ask bondholders for relief since the onset of COVID-19. The southern African nation told that it needed “breathing space” to plan a debt restructuring, and asked holders of its three Eurobonds totaling $3 billion to defer interest payments until April. Zambia’s $1 billion of notes due 2024 fell 4.5% in London to 52.46 cents on the dollar on Tuesday, after the government spoke about including a coupon payment due October 14 in the proposed suspension.

Other countries such as Angola, Kenya also have recently rung alarms. Angola, which has negotiated debt relief with some of its lenders, told the International Monetary Fund (IMF) that it may need to approach a wider group of creditors if the oil prices continue to decline. Kenya said it’s at high of external-debt distress as foreign currency obligations grow faster than revenue from abroad. Zambia is currently facing unprecedented liquidity constraints that have been exacerbated by the COVID-19 pandemic.

The pandemic has worsened Zambia’s finances, which had already depleted after years of overspending, funded in part by external borrowing.  Its currency is now the world’s worst performer this year, making the payment of its $11.7 billion external debt even more costly. The government said that it hopes about its restructuring plans winning support from the International Monetary Fund.