Follow CGSP on Social Media

Listen to the CGSP Podcast

With China on Their Minds, Zambia’s Bondholders Reject Appeal for Repayment Extension

Zambia on Saturday became the first African country this year to default on a portion of its debt after a coalition of bondholders refused the government’s request for a 6-month repayment holiday. 

The government said it cannot pay the $42.5 million that was due this weekend to bondholders given that it’s committed to treating all of its creditors the same. “They will not support the standstill or consent solicitation and, given our precarious position that requires us to treat all creditors equally, we have no other alternative but to accumulate arrears,” Finance Minister Bwalya Ng’andu said.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

What is The China-Global South Project?


The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.


A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.


Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.


A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.