The minister of finance in Zambia has urged official creditors to advance debt restructuring talks at the next meeting as the country battles to finalise its debt network process following the 2020 default.

Hopes of restructuring around $12.8 billion of external debt have been hindered by concerns by the principal creditors about the size of the relief needed, Reuters reports.

"We now appeal to our Official Creditor Committee in their next meeting to make substantial progress in their deliberations... so that we may swiftly resolve our debt overhang and access our next tranche of IMF financing," said finance minister Situmbeko Musokotwane in a statement released by the ministry.

"Delays to debt restructuring are having a significant impact on the economy and the livelihoods of our people," he went on to say.

Last month the International Monetary Fund said the next $188 million payout from a $1.3 billion support loan to Zambia is dependent on the government coming to an agreement with creditors.

President of Zambia, Hakainde Hichilema, said earlier in the month that French President Emmanuel Macron was keen for the debt rework process to be finalised before France hosts the Summit For a New Global Financial Pact on June 22-23.

France is co-chair of Zambia's Official Creditor Committee along with China.

Over the last six weeks, the Kwacha has lost 13% against the US Dollar to 19.46 per Dollar, reversing a 20% gain in the prior three weeks as investors hoped the debt restructuring was nearing completion.

"The uncertainty created by the protracted restructuring process has put pressure on our currency and made it difficult to attract much-needed foreign investment," according to a statement by the finance minister, which didn't stipulate when the official creditors would hold their next meeting.