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Zambia still has nearly USD 7 billion of debt on its books pending resolution, despite a deal with bilateral lenders last year which restructured over USD 6 billion. The USD 7 billion is owed to bondholders and commercial banks
China assured that it would take steps to support Zambia in dealing with debt restructuring issues. Chinese Foreign Ministry spokesman Mao Ning said that China was closely monitoring the progress of negotiations on Zambia’s debt restructuring while adding that his country would be playing a crucial role in this issue.
China was the first official international creditor to relieve Zambia’s debt and, as co-chair of Zambia’s Official Creditors Committee. It has played a significant role in restructuring that debt. The spokesperson further said that in dealing with the debt problems of developing countries, China has always adopted a long-term perspective aimed at helping the development of these countries.
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Zambia still has nearly USD 7 billion of debt on its books pending resolution, despite a deal with bilateral lenders last year which restructured over USD 6 billion. The USD 7 billion is owed to bondholders and commercial banks. Importantly, a deal with bondholders to restructure about USD 3 billion of debt last October was rejected by the official creditors.
