China Sticks to Its Position That Its Not to Blame for Delays in Zambia’s Debt Restructuring Process

Chinese Foreign Ministry Spokesperson Mao Ning on Monday addressed the issue of China's participation in Zambia's debt restructuring process. Image via the Ministry of Foreign Affairs

Any hope China would soften its hardline position on debt restructuring following last weekend’s talks among G20 finance ministers was dashed on Monday when Foreign Ministry Spokesperson Mao Ning restated Beijing’s longstanding demand that multilateral creditors also take losses on their loans to developing countries.

Mao addressed the issue at the regular press briefing in Beijing in response to a question from Bloomberg about Zambia’s stalled debt relief process:

  • 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 Cobus van Staden

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
Thailand in Last-Minute U.S. Talks as 36% Tariff Looms

You Might Like

Why Africa Shouldn’t Count on Janet Yellen for Debt Help

U.S. Treasury Secretary Janet Yellen is in Africa touting the Biden administration’s reenergized Africa policy. Her visit comes as several African countries are struggling with debt distress and Zambia and Ghana have officially defaulted. Debt’s prominence ...

IMF, World Bank Losing Patience With China Over Debt Relief Standoff

China’s ongoing stand-off with multilateral lenders over debt relief terms for developing countries will be a prominent issue at International Monetary Fund and World Bank’s annual week-long gathering known as the Spring Meetings ...

Debt Standoff At IMF, World Bank Spring Meetings

Finance ministers from around the world have descended on Washington DC for the World Bank and International Monetary Fund’s Spring Meetings. The Chinese government has confirmed that a top-level Chinese delegation will attend in ...

Proposed New York Law Could Reshape Debt Negotiations Around the World

A bill currently under consideration in New York State could reshape sovereign debt renegotiations around the world by making private creditors accept the same losses as the U.S. government would as a sovereign ...

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