Zambian finance minister Situmbeko Musokotwane. Picture: BLOOMBERG
. Rising interest rates and a surging dollar may push more nations into default as they struggle to pay for imports from fuel to food. Musokotwane’s endorsement comes after criticism that the process has moved too slowly. Zambia has been struggling to complete a complex debt restructuring since starting the process more than two years ago. The nation has secured a crucial $1.3bn IMF assistance package and received assurances from a committee of bilateral creditors that they’re willing to negotiate, but is yet to agree on the broad terms of any deal.
Chinese lenders account for more than one-third of Zambia’s external debt, according to the finance ministry. The government isn’t seeking to rework all of its dollar liabilities, including those owed to multilateral development financial institutions, the ministry said on October 7.
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