UK minister for Africa Vicky Ford has not identified the creditor that she says has been delaying the process
British minister for Africa Vicky Ford looks on during the signing of new investments focusing on jobs and financial autonomy, in Abuja, Nigeria, February 21 2022. Picture: AFOLABI SOTUNDE/REUTERS
Zambia, which became Africa’s first pandemic-era sovereign defaulter in 2020, has been seeking to restructure its dollar obligations under the Group of 20’s Common Framework, a set of guidelines that the most powerful countries drafted to mitigate debt crises in poorer states. Under those rules, Zambia first needed to reach a preliminary bailout deal with the International Monetary Fund, which it did in December.
Zambian finance minister Situmbeko Musokotwane on December 15 asked bilateral lenders to form an official creditors committee as soon as possible. That’s yet to happen, even as the IMF and World Bank have since completed a debt sustainability analysis that sets the economic criteria used in negotiations for debt treatment.Out of Zambia’s total $17.3bn of external public-sector debt, commercial and state-owned Chinese lenders account for $5.
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