BlackRock, bondholders must cancel Zambia debt, economists and experts say - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Over 100 economists and development experts on Friday called for asset manager BlackRock and other holders of Zambian bonds to cancel some of that debt, saying continuing to pay private creditors was “economically inefficient and morally wrong”.

The company logo and trading information for BlackRock is displayed on a screen on the floor of the New York Stock Exchange in New York, US, March 30, 2017.The company logo and trading information for BlackRock is displayed on a screen on the floor of the New York Stock Exchange in New York, US, March 30, 2017.

“It is … imperative that BlackRock and other bondholders agree to fully engage in a large-scale debt restructuring, including significant haircuts, in order to make Zambia’s debt sustainable,” they wrote. “It would appear unlikely that the full value of the investments will ever be realised,” the BlackRock spokesperson said. “Our clients have already experienced losses with respect to their holdings of private sector sovereign debt of Zambia.”

 

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