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Zambia Slashes Billions of Unused Loans, Many From China, to Address Debt Woes

Joseph Cotterill is the Financial Times' correspondent in Johannesburg.

Beyond the statements issued by the Zambian Creditor Committee (via the G20), the Ministry of Finance, the World Bank, and the IMF, very few specifics about the arrangement have been made public. There’s much speculation about what loans will be canceled and which projects will be directly impacted.

But on Friday, before the Creditor Committee announcement, the Zambian government unveiled a plan to terminate $2 billion of undisbursed loans that were to have been used for various infrastructure projects.

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