19.2 C
Thursday, May 23, 2024
HomeNewsChina Pledges to Work with Zambia on Debt Restructuring

China Pledges to Work with Zambia on Debt Restructuring

China has said it will work with Zambia to find a better solution to the country’s debt problems. The Chinese foreign ministry made the announcement on Friday in response to a question about Zambian President Hakainde Hichilema’s request to meet with Chinese President Xi Jinping to discuss debt restructuring.

Wang Wenbin, a spokesperson for the Chinese foreign ministry, said that China has always taken Zambia’s debt issues seriously and is committed to working with the country to find a solution that is mutually beneficial. He added that China will continue to provide support to Zambia’s economic development.

Zambia is one of several African countries that have borrowed heavily from China in recent years. The country’s debt burden is now estimated to be around $12 billion, or more than 100% of its GDP. This has made it difficult for Zambia to repay its loans and has led to a number of economic challenges, including a decline in foreign investment and a rise in inflation.

The Zambian government has been seeking to restructure its debt with China since last year. However, negotiations have been slow and progress has been difficult to achieve. The Chinese government has said that it is willing to work with Zambia to find a solution, but it has also warned that it will not agree to any terms that are not in its own interests.

The debt crisis in Zambia is a complex issue with no easy solutions. However, the Chinese government’s commitment to working with Zambia is a positive step. It is hoped that the two countries will be able to reach an agreement that will help Zambia to overcome its economic challenges and build a brighter future.



Most Popular