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Chinese Premier Li Qiang posed together with Zambian President Haikinde Hichilema and French President Emmanuel Macron following the announcement of a landmark debt restructuring deal for the African country. Image via @HHichilema.

Everyone’s hailing the Zambian debt restructuring agreement that was unveiled on Friday in Paris as a major breakthrough in debt relief for the world’s poorest countries.

While we don’t have a lot of information about what’s specifically stipulated in the deal, what we do know about this “new” model of debt restructuring is that it looks an awful lot like China’s “old” way of dealing with debt-distressed countries.

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