The African country struggles to convince lenders that it cannot pay its debt, preferring to divert money to saving lives at home.
After facing off powerful private creditors, the small African country of Zambia is now at loggerheads with Chinese lenders on the matter of deferring debt repayments which have crippled its economy.
Zambia is in the midst of a debt crisis exacerbated by the onslaught of the coronavirus pandemic. Its attempt to negotiate a debt repayment plan with lenders is being seen as a test case for other debt-burdened countries.
Over the years, Zambia has accumulated around $11.9 billion in foreign debt, a third of it owed to Chinese creditors, most of whom are state-run entities.
Last month, Zambia said it was s…
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