reforms

Zambia: ‘Right now, the debt restructuring is too noisy’, says Governor Kalyalya

By Sherif Tarek

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Posted on December 6, 2022 12:48

© Denny Kalyalya, Governor of Zambia’s Central Bank (photo: Bank of Zambia) — Denny Kalyalya, Governor of Zambia’s Central Bank (photo: Bank of Zambia)

Zambia has come a long way since defaulting on its debts in November 2020 after suffering dire ramifications from the Covid-19 pandemic, yet the southern African nation still needs to tackle stern challenges to overcome its financial woes, Denny Kalyalya, the Bank of Zambia governor, tells The Africa Report.

The Zambian government is still in debt-restructuring talks where its suggestions are seen as too steep by the debtors.

Global headwinds, lower copper prices, and the inability to boost the production of Zambia’s two main copper mines are adding insult to injury.

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