China pledges to assist Zambia in restructuring its debt

 


Chinese Foreign Ministry spokesperson Mao Ning announced on Friday that China is closely monitoring Zambia’s debt restructuring negotiations and will assist in resolving issues. Mao emphasized China’s significant role in these efforts, noting that China, as co-chair of Zambia’s Official Creditors Committee, was the first to help Zambia pay off its debt, leading to notable restructuring results. China remains committed to supporting underdeveloped nations in debt management and calls for international cooperation to aid Zambia and other African countries.

Despite a deal with bilateral lenders last year covering over $6 billion, Zambia still faces around $7 billion in outstanding debt owed to bondholders and commercial banks. The search for debt relief has been challenging, with official creditors rejecting a bondholder agreement last October.

China’s involvement has been crucial in Zambia’s debt restructuring, highlighting its commitment to economic stability in underdeveloped countries. International cooperation, spearheaded by China, is vital for Zambia’s financial recovery and future growth. Mao’s remarks underscore the importance of global efforts in addressing sovereign debt issues, with China’s support being key to Zambia’s economic stability.


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