Zambian President Hakainde Hichilema on April 25 thanked China for joining the African nation’s committee of official creditors, a big step towards restructuring its debt.
Zambia defaulted in 2020, the first country to do so in the pandemic era, after its debt burden reached more than 120% of national output. At the end of 2021, Zambia’s external debt stood at $17.3 billion, according to government figures. Of that, China and Chinese entities held $5.78 billion. A further $3 billion was owed to international bondholders and $2.1 billion to multilateral lending agencies such as the International Monetary Fund.FILE PHOTO: Yuan banknotes are seen in this illustrative photograph taken in Beijing July 26, 2010.