Photo illustration: Sarah Grillo/Axios. Photo: Jean-Claude Coutausse/Bloomberg via Getty Image
Lusaka, Zambia The first test for African debt restructuring in a post-COVID world is playing out in Zambia, a land-locked country bigger than Texas, rich in copper and loaded with Chinese debt and so poor that most of its population lives on less than $2 dollars a day.
Why it matters: If Zambia, China and international creditors cannot come to an agreement on how to restructure Zambia’s debt, other African countries might get a glimpse of their fate. It’s not pretty.
- Unable to pay their bills, and unable to restructure their debt, countries like Zambia will be unable to attract any investors to help them them improve their economy an…
Read the full article at: https://www.axios.com/2023/01/26/china-zambia-africa-debt-restructuring