The Franco-Chinese-led Creditor Committee for Zambia announced a landmark agreement over the weekend to cancel $2 billion of the country’s bilateral debts. The deal includes unprecedented concessions from a coalition of Chinese lenders that includes the China Exim Bank.
Saturday’s announcement also marks a badly-needed win for the G20’s embattled Common Framework debt restructuring initiative that has stumbled along for the past year with little success in reducing the crushing debt now burdening many developing countries.
