Zambia opposes China to the World Bank and other multilateral loan institutions to put forward the request to join Zambia's debt restructuring, and warn that the delay of the debt reduction process is hindering the economic recovery of Zambia.
According to the British Financial Times on Monday (February 13), Zambia Financial Secretary Situmbeko Musokotwane said in an interview that this year was about $ 13 billion (about 173) to complete Zambia (about 173The key time in the key time for the reorganization of foreign debt, but the request made by the Chinese government has formed a kind of interference on the negotiations of debt restructuring.
He said that Zambia sought an emergency solution, rather than any discussion that might delay the problem of problems. All parties should focus on the implementation of debt reductions.
Zambia became the first sovereign debt default during Africa's first crown disease epidemic in 2020. Since then, it has been working hard to reorganize more than $ 17 billion (S $ 22.5 billion) foreign debt, of which more than one -third of them are relyingChinese holding is Zambia's largest creditors.
China has always hoped that the banks of the World Bank or other countries can participate in debt deductions, but the World Bank has clearly rejected the proposal earlier, and the debt restructuring negotiations have been deadlocked.It is reported that in addition to conflicting with existing rules, China's requirements have also shown that the Chinese government opposes the basic principles of debt restructuring of Zabian.
The US Treasury Minister Yellen has previously called on China to accelerate the support of debt reorganization to poor countries, especially to provide debt reduction for Zambia.She also said that the Twenty Group (G20) Finance Ministers held in India this month made requests to China.
Once the debt reduction cannot be achieved, it means that the Zambian government will not be able to obtain a $ 1.3 billion rescue of the International Monetary Fund, nor can it be restored to pay its debt.
Analysts believe that Chinese banks can reduce interest rates to low enough to achieve Zambia's debt reduction target, and they can still get more money to pay for multilateral lenders.
Mosocovar said that the Zambian government has made progress in contact with creditors and shows that its financial plan has been on track."The just year is one of the best fiscal performances in Zambia for decades," and the income and expenditure have reached the goal.
But he also admits that all the fiscal budgets and social expenditures of Zambia this year are assume that debt restructuring can be realized this year, eliminating the debt burden on Zambia's shoulder, and it is still urgent.
