Jaraa'idJaraa'id
Notification Show More
Latest News
US label maker breaks drought in junk bond issuance since SVB failure
Business
International friendly: Kevin De Bruyne and Romelu Lukaku on target as Belgium edge out Germany in five-goal thriller
Sports
Biden asks after Nashville shooting: Why do we ‘allow these weapons of war?’
United States
Biden: planning underway for Nashville visit after ‘sick’ school shooting
United States
Analysis: Pressure builds on Egypt to devalue currency further
Africa
Aa
  • Home
  • Local News
  • Africa
  • United States
  • Europe
  • Asia
  • Sports
  • Videos
  • Live Score
  • More
    • Business
    • Market Data
      • Stocks
      • Commodities
      • Cryptocurrency
      • Forex
    • Weather
Reading: Zambia says it is pushing to agree debt restructuring despite delays
Share
Aa
Jaraa'idJaraa'id
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Business
  • Sports
  • Videos
Search
  • Home
  • Local News
  • Videos
  • World
    • Africa
    • United States
    • Europe
    • Asia
  • Market Data
    • Stocks
    • Commodities
    • Cryptocurrency
    • Forex
  • More
    • Sports
    • Business
    • Weather
    • Live Score
Have an existing account? Sign In
Follow US
Jaraa'id > Africa > Zambia says it is pushing to agree debt restructuring despite delays
Africa

Zambia says it is pushing to agree debt restructuring despite delays

News Room
Last updated: 2023/03/15 at 11:27 AM
News Room Published March 15, 2023
Share
SHARE

LUSAKA, March 15 (Reuters) – Zambia is working very hard with its creditors, including China, so that hopefully a debt restructuring can be agreed by the end of March or shortly afterwards, Finance Minister Situmbeko Musokotwane said on Wednesday.

Zambia was the first African country to default on its sovereign debt during the COVID-19 pandemic in 2020, but the restructuring of its external debts to creditors including China and Eurobond holders has been greatly delayed.

“We have done everything on our side to get the debt restructured. Unfortunately the process where so many interested groups are involved on the creditor side, there’s been a delay,” Musokotwane told an online forum.

China, Zambia’s largest bilateral creditor, was being engaged on the debt restructuring with bilateral engagements on an almost weekly basis, he added.

Zambia’s external debt stood at $14.87 billion at the end of June 2022, the minister has previously said.

Chinese lenders accounted for almost $6 billion of debt at the end of 2021, according to government data. In July 2022, Zambia’s government cancelled $2 billion in undisbursed loans, of which about three-quarters were Chinese.

China has publicly expressed its support for Zambia in dealing with its debts, while also calling for multilateral lenders like the World Bank to offer struggling countries debt relief, something not currently done.

U.S. Treasury Secretary Janet Yellen and other Group of Seven countries have grown increasingly frustrated about what they see as foot-dragging by China in negotiations for countries seeking debt relief.

Musokotwane said delays in the debt restructuring process were putting pressure on the local currency as foreign investors were scared to invest in Zambian bonds for fear of their investment being subject to restructuring.

Zambia’s kwacha currency has fallen 11.2% against the U.S. dollar this year, according to Refinitiv data .

Reporting by Chris Mfula in Lusaka and Rachel Savage in Johannesburg
Editing by Alexander Winning and Christina Fincher

Our Standards: The Thomson Reuters Trust Principles.

Rachel Savage

Thomson Reuters

Reports on markets, finance and economics across Sub-Saharan Africa and is based in Johannesburg. Previously she was LGBT+ Correspondent at the Thomson Reuters Foundation, Reuters’ sister organization, where she was awarded Journalist of the Year in 2021 by the NLGJA: The Association of LGBTQ Journalists, a U.S. organization. Before that Rachel worked for The Economist, covering west Africa from Lagos and east Africa from Nairobi. Her work has also appeared in the Financial Times, The Guardian, The Independent and Euromoney.

Read the full article here

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room March 15, 2023
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a comment

Leave a Reply Cancel reply

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

Popular News
Business

US label maker breaks drought in junk bond issuance since SVB failure

News Room News Room March 29, 2023
International friendly: Kevin De Bruyne and Romelu Lukaku on target as Belgium edge out Germany in five-goal thriller
Biden asks after Nashville shooting: Why do we ‘allow these weapons of war?’
Biden: planning underway for Nashville visit after ‘sick’ school shooting
Analysis: Pressure builds on Egypt to devalue currency further
Live news: Canada proposes tax credits to boost critical minerals production
Ollie Hassell-Collins to join Leicester Tigers as Mike Brown signs new contract at Premiership side
McCarthy demands meeting with Biden. White House: ‘Show us your budget.’
- Advertisement -
Ad imageAd image

You Might also Like

Africa

Analysis: Pressure builds on Egypt to devalue currency further

March 28, 2023
Africa

Photos: For displaced Muslims in eastern DRC, a tough Ramadan

March 28, 2023
Africa

Outgoing Nigeria government proposes pay rises after fuel subsidy removal

March 28, 2023
Africa

Religious, rights groups call for calm in Kenya’s second week of protests

March 28, 2023
  • Somalia
  • Africa
  • United States
  • Europe
  • Asia
  • Cryptocurrency
  • Forex
  • Stock Market

About US

Jaraa'id is your one-stop website for the latest global and local news and updates, follow us now to get the news that matters to you.
Quick Link
  • Privacy Policy
  • Terms of use
  • Press ReleaseSubmit
  • Advertise
  • Contact
Top Sections
  • Business
  • Sports
  • Videos
  • Market DataLive
  • Weather

Subscribe US

Subscribe to our newsletter to get our Latest articles instantly!

I have read and agree to the terms & conditions

2023 © Jaraa'id. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?