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Analysts Differ on What Happened in Zambia and China’s Role in the Burgeoning Debt Crisis

Zambian President Edgar Lungu (L) meets and greets Chinese workers from Aviation Industry Corporation of China (AVIC Intl) during a walk on September 15, 2018 on a major road in Lusaka, Zambia. DAWOOD SALIM / AFP

The refusal by a coalition of Zambia’s bondholders to provide the government with a 6-month repayment holiday on $3 billion of Eurobond notes followed by the subsequent default on those debts, sparked a considerable reaction in Africa and internationally — but none among Chinese stakeholders.

There was no comment from either the Chinese foreign ministry, any official diplomatic Twitter accounts, or Chinese state/party-run media outlets on the Zambian debt issue.

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