Lots of Talk, Little Action: Zambia’s Debt Relief Process Remains Stalled Says Finance Minister

Zambian Finance Minister Situmbeko Musokotwane complained in an interview with Bloomberg Television that progress in restructuring the country's debts has been too slow. Image via Bloomberg.

Zambia’s Finance Minister Situmbeko Musokotwane said it’s urgent that the country’s international creditors finalize a debt restructuring deal at once, or else a $188 million IMF emergency financial package could be at risk.

Musokotwane expressed frustration in an interview with Bloomberg TV on Tuesday that his government has met all of the requirements stipulated by the IMF to secure the funds but still won’t qualify for the money unless Lusaka’s international creditors close a debt restructuring deal.

  • 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.

OR

Already a subscriber? Log in Click Here to Learn More
by Eric Olander

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
Chinese Cargo Planes Secretly Ferrying Supplies to Iran, Claim Online Sleuths
4 Trump’s Contradictory Iran Strategy Leaves U.S. Weaker After War’s End, Says Chinese Commentator
5
Indonesia Goes Nuclear, Taps China and Russia for Modular Reactors
6
Indonesia Begins $5.9 Billion Chinese EV Battery Project Despite Environment Fears

You Might Like

Hichilema Refutes Western Accusations China Was to Blame for Delays in Zambia’s Debt Restructuring

Zambian President Haikinde Hichilema rejected longstanding accusations by Western governments and institutions that China was to blame for how long it took to reach a debt restructuring agreement. The president told Bloomberg ...

FT Reporting Error Sparks Widespread Confusion Over Zambia’s Views on China’s Role in Debt Restructuring Process

Botched reporting in a Financial Times article on Zambian debt made clear how nervous China’s push for the World Bank and other multilateral financers to accept losses as part of debt restructuring is making international ...

Malpass Resignation Could Spark New Battle Between U.S. and China Over His Replacement

World Bank President David Malpass said that he will step down in June, a year before his five-year term expires. Malpass did not provide a reason for his early resignation but speculation in ...

Sharply Contrasting Views on Whether China is Right to Demand Multilateral Development Banks to Take Losses on Their Loans

The dispute between China and Western lenders about how Multilateral Development Banks (MDBs) should take part in debt restructuring goes beyond current U.S.-China tensions. Rather, it relates to the fundamental question of how ...

What is The China-Global South Project?

Independent

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

News

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.

Analysis

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

Networking

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

More about CGSP