Zambia, a landlocked country in Southern Africa, has been struggling with a debt crisis in recent years. The country’s debt-to-GDP ratio has risen to over 100%, and it has been unable to meet its debt obligations. Lenders led by China have been heavily involved in Zambia’s debt, and they are set to meet again in May to discuss the country’s financial situation.
China is Zambia’s largest creditor, and it has provided significant loans to the country in recent years. However, some of these loans have come under criticism for their high interest rates and lack of transparency. The loans have also been used to fund large infrastructure projects, such as roads and airports, which have been criticized for being too expensive and not delivering enough economic benefits.
Zambia’s debt crisis has been exacerbated by the COVID-19 pandemic, which has led to a decline in the country’s economic activity and a drop in commodity prices. The country has already defaulted on some of its debt, and it has been negotiating with its creditors, including China, to restructure its debt and ease its financial burden.
