chizcom
JF-Expert Member
- Jul 31, 2016
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Zambia mpaka sasa ukifika kuna mabango ya kichina na taratibu za China.
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Zambian President Hakainde Hichilema. His government owes $17 billion in external debt, with about $6 billion owed to China.
External debt
The Zambian government owes $17 billion in external debt, with about $6 billion owed to China. The majority of the Chinese loans were acquired during the reign of Edgar Lungu. In 2020, Zambia became the first African country to default on debt in the Covid-19 era.
The government of President Hakainde Hichilema has been working with creditors such as China and Eurobond holders to restructure their debts.
On Friday, the AU and the African Development Bank discussed inclusive growth for African economies, and the question of debt, hunger and poverty featured.
Prof Kevin Urama, AfDB’s acting chief economist, said debt is not in itself bad but noted that Africa had taken on “bad debts.”
“If you look at the quantity of debt on the continent, compared to the quantity of debt in other countries, Africa is not really heavily indebted. The real problem is the bad debts,” he said.
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Zambian President Hakainde Hichilema. His government owes $17 billion in external debt, with about $6 billion owed to China.
External debt
The Zambian government owes $17 billion in external debt, with about $6 billion owed to China. The majority of the Chinese loans were acquired during the reign of Edgar Lungu. In 2020, Zambia became the first African country to default on debt in the Covid-19 era.
The government of President Hakainde Hichilema has been working with creditors such as China and Eurobond holders to restructure their debts.
On Friday, the AU and the African Development Bank discussed inclusive growth for African economies, and the question of debt, hunger and poverty featured.
Prof Kevin Urama, AfDB’s acting chief economist, said debt is not in itself bad but noted that Africa had taken on “bad debts.”
“If you look at the quantity of debt on the continent, compared to the quantity of debt in other countries, Africa is not really heavily indebted. The real problem is the bad debts,” he said.