TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

Zambia’s missing funds expose broken promises

Michael Mahanta by Michael Mahanta
February 15, 2023
in Africa, Geopolitics
Zambia debt
Share on FacebookShare on X

Zambia’s debt burden has attracted international attention lately. In 2020, Zambia defaulted on the repayment of a $42.5 million Eurobond, becoming the first African country to default on its debt during the Covid pandemic. Since defaulting on its sovereign debt in 2020, Zambia has been striving to restructure its loans and rebuild its economy. Frustrated with delays in the debt-restructuring process, Zambia has recently rejected China’s call for World Bank to join its debt-restructuring efforts.

Read more: The West is hounding pro-Russia leaders of Zambia to keep the country under its control

Also Read

G7 pledges strict sanctions on Russian oil buyers, putting China and India under scrutiny, as the group aims to cripple Moscow’s revenues and tighten pressure over the Ukraine war.

US DOUBLES DOWN Missile Production to prepare for war with China: Reports.

China’s Fujian aircraft carrier completes first-ever EMALS-assisted take-offs and landings, enhancing naval capabilities and intensifying strategic rivalry with the U.S. and other regional Power

Zambia fumes over debt-restructuring delays

According to a  report, Zambia’s finance minister has recently rejected China’s call for the World Bank and other multilateral lenders to participate in the country’s debt restructuring. The finance minister warns that delays in relief efforts are hindering economic recovery in Africa’s second-biggest copper producer. The country defaulted on its external debt three years ago.

In an interview Situmbeko Musokotwane, Zambia’s finance minister, emphasized the urgency to complete a restructuring of about $13 billion of external debt this year.

(Source: Africa Intelligence)

According to government data, Zambia owed Chinese creditors nearly $6 billion of the total external debt of $17 billion at the end of 2021. China has provided enormous loans for infrastructural projects to many African countries, and Zambia is just an example of falling prey to China’s debt trap.

(Source: The World Economic Forum)

Additionally, last year, Zambia secured a $1.3 billion IMF bailout package to help the country reestablish sustainability through fiscal adjustment and debt restructuring. The bailout was unlocked after Beijing agreed in principle in July to restructure loans under a G20 framework to coordinate debt relief.

Read More: G20-backed Zambia is giving China a run for its money

However, detailed plans for debt restructuring have stalled, leaving President Hakainde Hichilema’s government unable to access the $1.3bn IMF bailout or to resume paying its debts. As they say, once bitten twice shy, Zambia has grown frustrated with Chinese tactics to keep it suffering. Therefore, China’s call for the World Bank to join its debt restructuring has been vehemently opposed by the poor African nation.

https://www.youtube.com/watch?v=7ek5TGA-ssI&t=141s

Tags: ChinaDebt trapIMFLusakaWorld BankZambia
ShareTweetSend
Michael Mahanta

Michael Mahanta

Columnist, TFI Media. Creating art through my articles.

Also Read

Russia’s Supremacy Over NATO Airspace? Ukraine’s Air Force has revealed that the U.S.-made Patriot systems' success rate is now only 6% against modified Russian ballistic missiles, such as the Iskander and Kinzhal.

Russia’s Supremacy Over NATO Airspace? Ukraine’s Air Force has revealed that the U.S.-made Patriot systems’ success rate is now only 6% against modified Russian ballistic missiles, such as the Iskander and Kinzhal.

October 6, 2025
From Toronto to Ottawa: The Journey of Ramleela Continues in Canada

From Toronto to Ottawa: The Journey of Ramleela Continues in Canada

October 6, 2025
Trump backs away from sending Tomahawk missiles to Ukraine as Putin dismisses their impact, Medvedev warns of nuclear escalation, and U.S. politics reveal growing divides over relations with Russia

TACO again! Trump Backs Away from Sending Tomahawk Missiles to Ukraine as Putin Downplays Threat, Medvedev Warns of Nuclear Escalation

October 4, 2025
Putin pledges more Indian imports to offset Trump’s oil tariff pressures, calls Modi his “Wise Friend”, West angered again by ‘special’ India Russia relationship

Putin pledges more Indian imports to offset Trump’s oil tariff pressures, calls Modi his “Wise Friend”, West angered again by ‘special’ India Russia relationship

October 4, 2025
US Intel Lets Zelenskyy Target Putin: Deep Strikes into Russia Begin

US Intel Lets Zelenskyy Target Putin: Deep Strikes into Russia Begin?

October 3, 2025
Putin accuses France of ‘Piracy’ over tanker seizure as Paris brags capturing Russia’s Shadow Fleet

Putin accuses France of ‘Piracy’ over tanker seizure as Paris brags capturing Russia’s Shadow Fleet

October 3, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.