• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Sunday, March 26, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

Zambia’s missing funds expose broken promises

Michael Mahanta by Michael Mahanta
February 15, 2023
in Africa, Geopolitics
Reading Time: 2 mins read
0
Zambia debt
151
VIEWS
Share on FacebookShare on Twitter

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

Bolivia: Electrifying Latin America

Strange! Zelensky has never challenged Russia’s best friend China

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.

Tags: ChinaDebt trapIMFLusakaWorld BankZambia
ShareTweetSend
Previous Post

First Trudeau, now NDP’s Jagmeet Singh Prostrates before China

Next Post

Latin America challenges US sanctions on Cuba

Also Read

A nuclear showdown is about to start between the EU and France

A nuclear showdown is about to start between the EU and France

March 25, 2023
Erdogan will swallow his pride and rely on Kurds to win re-elections

Erdogan will swallow his pride and rely on Kurds to win re-elections

March 25, 2023
23 Nations of NATO misses the ‘2%’ Target!

23 Nations of NATO misses the ‘2%’ Target!

March 24, 2023
Hugo Chavez is still unifying Latin American nations

Hugo Chavez is still unifying Latin American nations

March 24, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Africa kicks dollar to the curb

Africa kicks dollar to the curb

March 14, 2023
Justin Trudeau killed Michel Trudeau for Sophie

Justin Trudeau killed Michel Trudeau for Sophie

March 22, 2023
The mysterious death of Shermans has Justin Trudeau written all over it

The mysterious death of Shermans has Justin Trudeau written all over it

March 14, 2023
Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

May 9, 2022
Jagmeet Singh is burning the bridges between India and Canada

Jagmeet Singh is burning the bridges between India and Canada

March 21, 2023
A nuclear showdown is about to start between the EU and France

A nuclear showdown is about to start between the EU and France

March 25, 2023
Erdogan will swallow his pride and rely on Kurds to win re-elections

Erdogan will swallow his pride and rely on Kurds to win re-elections

March 25, 2023
When dumb Chile meets dumber Ukraine

When dumb Chile meets dumber Ukraine

March 24, 2023
Brazil’s invitation to Uruguay and Paraguay for G20 is ground breaking

Brazil’s invitation to Uruguay and Paraguay for G20 is ground breaking

March 24, 2023
Paraguay rejects UK’s attempt to make it a terrorist haven

Paraguay rejects UK’s attempt to make it a terrorist haven

March 24, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

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

©2023 - 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

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

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