Zambia opposes China to request the World Bank to participate in debt reorganization

(Zambia Lusaka Comprehensive News) China demands that the World Bank and other multilateral loan institutions participate in Zambia's debt reorganization and be opposed by Zambia.Zambia Treasury Secretary warned that such a request to interfere with debt deductions is hindering the country's economic recovery.

According to the British Financial Times Monday (February 13), Zambia Financial Secretary Situmbeko Musokotwane said in an interview that this year was about $ 13 billion in Zambia (about 17.3 billion yuan) this year (about 17.3 billion yuan)At the critical moment of foreign debt restructuring, the request made by the Chinese government has formed a interference on debt restructuring.

Zambia is the first debt default African country after the crown disease

Mosoco Turne said that this high -level discussion will only make Zambia's debt situation worse, and all parties should focus on the implementation of debt reductions.

He said: "What we are seeking is an emergency solution, not a discussion that may drag the problem."

Zambia became the first African country to default after the crown disease epidemic in 2020. China is the largest creditor of Zambia and holds more than one -third of the foreign debt.

The Zambian government hopes that creditors can reduce the total value of their creditor's rights by about half, by directly undertaking the principal loss or reduction rate of interest rates, and extending the repayment period, that is, more than $ 6 billion.

It is reported that China hopes that banks or other countries' creditors can participate in debt reduction work not only conflict with the existing rules, but also show that it opposes the basic principles of the Zabian debt restructuring plan.The World Bank has clearly rejected the proposal earlier, and debt restructuring negotiations have also fallen into a deadlock.

According to Reuters earlier, US Financial Minister Yellen also called on China to accelerate the support of debt reorganization to poor countries, especially to provide debt reduction for Zambia, and will be held in India this month (G20).At the financial minister's meeting, this request was made to China.