China Delays Zambia Debt Deal Over Local Loans: US Official
- Treasury official says reworking local debt isn’t feasible
- Zambia debt restructuring deal could set global precedent
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Zambia’s debt restructuring is being delayed by requests from China to have the southern African nation’s local-currency debt held by foreigners included in a deal that could set a global precedent, according to a senior US Treasury official.
China, whose creditors hold more than a third of Zambia’s dollar debt, has repeatedly been blamed for holding up progress in the revamp of debt owed by Africa’s first pandemic-era sovereign defaulter, whose external liabilities topped $17 billion.