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US Treasury Secretary Janet Yellen said restructuring Zambia’s debt was a top priority as she visited the debt-ridden African country on Monday.
In 2020, as the Covid-19 pandemic battered Africa, Zambia became the first country on the continent to default on its foreign debt, estimated at $17.3 billion.
It has sought help through a G20 mechanism, but implementation has been slow, with the US accusing China — the main creditor to many African nations — of dragging its feet.
“I consider the timely finalization of the debt treatment for Zambia to be a top priority for the Treasury Department,” Yellen said as she met Zambia’s Finance Minister Situmbeko Musokotwane in Lusaka.
“We will continue to press for all critical bil…
Read the full article at: https://www.barrons.com/news/zambia-s-debt-relief-a-top-priority-for-us-yellen-01674496210