Zambia: Debt restructuring standoff takes toll on already battered economy

By Chiwoyu Sinyangwe

Posted on Tuesday, 28 February 2023 17:38
Zambia's President Hakainde Hichilema meets with IMF managing Director Kristalina Georgieva in Lusaka, Zambia January 23, 2023. IMF Photo/Kim Haughton/Handout via REUTERS

Zambia won’t move on if talks to restructure its $12.7bn foreign debt continue to drag on with no solution in sight, says President Hakainde Hichilema, stressing that excluding borrowing countries from such negotiations is a “very serious anomaly”.

As talks to restructure Zambia’s external debt under the G20 Common Framework stall, there are calls in Lusaka for the government to find an alternative to resolve its debt crisis. The government aims to reach an agreement by next month, which seems far-fetched considering the status-quo.