China wants multilateral development banks to offer debt relief to Zambia, something the World Bank has explicitly rejected and which will further complicate efforts to restructure the country’s borrowing.
The key to easing Zambia’s debt burden “lies in the participation of multilateral financial institutions and commercial creditors in the debt-relief efforts,” foreign ministry spokeswoman Mao Ning said in a briefing, adding that multilateral institutions and private creditors hold “the bulk” of Zambia’s foreign debt.
