Zambia begs China to suspend debt repayments

 

The PF regime says It has in the past few months begged Chinese creditors to suspend payment of debt falling due from May 1 to Dec. 31, the ministry of finance said on Thursday.

Zambia has already asked, unsuccessfully, creditors to defer interest payments on three outstanding dollar-denominated bonds.

Zambia is advancing the corona virus pandemic as the reason for failing to service debt, hence the fake Covid 19 being churned out by the ministry of health.

“The Government intends to share the burden equitably across its official and commercial creditors,” minister of finance Bwalya Ngandu told anxious bondholders.

Main Chinese creditors include the Export Import Bank of China, China Development Bank, the Industrial and Commercial Bank of China and a few other commercial entities including the Bank of China, Bwalya said in a statement to bondholders.

Central government external debt service on Chinese loans amounts to approximately $426.3 million in 2020 and $428 million in 2021’, minister Bwalya said.

Assuming the debt service suspension requests made by the Zambia were all successful, the maximum amount of 2020 debt service suspended and rescheduled would be $225.3 million, he said.

He said Multilateral creditors would be called on to participate by way of fresh financing rather than debt relief.

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