Zambia’s lenders, including major creditor China, have agreed to restructure the country’s public debt, officials said Thursday, providing financial relief to the first African nation to default after the Covid pandemic.
In a tweet, Zambian President Hakainde Hichilema said the country had “reached an agreement on a debt treatment with our official creditors”, calling it a “significant milestone in our journey towards economic recovery (and) growth”.
The agreement on $6.3 billion of Zambia’s debt was confirmed by a French official on condition of anonymity, on the sidelines of a summit aimed at revamping the international financial system to better tackle climate change and poverty.
Zambia, Africa’s biggest copper producer, with a population of nearly 20 million people, defaulted on its $18.6 billion external debt in 2020 but negotiations had stumbled over differences between China and Western creditors. The United States had accused China of delaying the debt agreement. – AFP
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