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Zambia owes nearly $27 billion in foreign and local public debt -Breaking

by Mike Robinson

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JOHANNESBURG (Reuters) – Zambia’s complete public debt to international and native lenders was simply shy of $27 billion on the finish of June, the Finance Ministry revealed on Wednesday.

The determine was equal to about 115% of GDP, based on the newest World Financial institution figures from 2019, and might be extra as a result of Zambia’s economic system contracted sharply final yr.

The figures revealed by the ministry on its web site embody $16.86 billion in international holdings, of which $520 million is curiosity arrears. Zambia grew to become Africa’s first COVID-19 pandemic-era sovereign default on the finish of final yr.

The remaining $10.1 billion was native forex debt, the figures confirmed.

President Hakainde Hichilema gained a landslide election

victory in August, beating incumbent Edgar Lungu, partly on a promise to wash up corruption and untangle its myriad debt woes.

His Cupboard has since sought to deliver money owed gathered below the previous administration to mild, in order that the southern African nation can get IMF emergency aid.

“According to its dedication for larger transparency, the Ministry of Nationwide Planning and Finance of Zambia has revealed an in depth abstract of debt figures as of end-June 2021,” a press release from the ministry mentioned.

Zambia’s international debt is unfold throughout various areas, with a %6 billion chunk owed to China and relaxation owed to varied banks, nations and multilateral establishments.

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