Zambia Pitches Debt-Revamp Proposals for Private China Loans
- Nation has struggled for three years to revamp its debts
- Visit to Asian country marks some progress in debt impasse
Zambia owes hundreds of millions of dollars to Chinese commercial creditors.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Zambian officials traveled to China last month to start sharing debt-restructuring proposals with commercial creditors in that country under non-disclosure agreements, Treasury Secretary Felix Nkulukusa said.
The move marks some progress in a debt-revamp undertaking that began three years ago, and which has been hit by repeated setbacks. Zambia became Africa’s first pandemic-era sovereign defaulter in 2020, and other nations that have followed suit — including Ghana and Ethiopia — are closely watching its progress.