Zambian President Asks China For Debt Forgiveness

Africa’s dependence on China is why they receive so much disrespect from nationals. And recent news coming out of Zambia further supports this problem.

The following information is from The China Africa Project.

A spokesman for Zambia’s president, Edgar Lungu, released a statement advising that the president asked for Zambia’s debt to be canceled. It stated the following:

“President Lungu called for debt relief and cancellation in light of reduced revenue due to the negative impact of the pandemic, as well as competing needs for the country, to secure adequate resources to fight the pandemic and to stimulate the economy.”

The country has more than $10 billion worth of debt. It owes $3 billion in outstanding Eurobonds, $2 billion to commercial banks, $2 billion to the IMF and World Bank, and $3 billion to China.

Neither the Chinese Embassy nor the Foreign Ministry in Beijing has responded to the request.

I’ll keep you all posted on any new findings. To check out the full article, click here. If you have any additional information, feel free to comment below.

Until Next Time…

 

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