Nairobi, March 31 -- Zambia's historic agreement with its creditors to restructure its $3.5 billion Eurobond has come as a huge sigh of relief to the Southern African country that has had a long-drawn debt crisis.

Either that or it could only delay a bigger crisis in future.

President Hakainde Hichilema announced this week that an agreement was reached under the G20 Common Framework, lifting a key hurdle in his government's push to restructure the country's $18.6 billion external debt.

The debt restructuring negotiations have been held back by differences between China and Western creditors.

Read: Africa debt rises as restructuring efforts drag on

Zambia's Finance Minister Situmbeko Musokotwane described the agreement with the Eurobo...