• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Zambia Erroneously Makes $80 Million Payment to China

11 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
83
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

Zambia Erroneously Makes $80 Million Payment to China

Zambia is working to resolve an $80 million payment error made by its state-owned power utility, Zesco Ltd., to China while finalizing a protracted debt restructuring agreement with the Asian nation, according to a Treasury official.

The funds, derived from electricity sales collected in a securitized account tied to a Chinese-built and financed power plant, were mistakenly transferred, said Felix Nkulukusa, Secretary to the Treasury.

The government has since proposed treating the payment as an advance on the interest accrued on Zambia’s debt to China since 2023, Bloomberg reported.

Zambia reached a memorandum of understanding with its official creditor committee, co-chaired by China and France, in October 2023 but has yet to sign a final deal with China. Finalizing this agreement is essential for resuming debt payments.

This incident shows the challenges Zambia faces in restructuring its debt. Zambia stands out among African borrowers due to its exceptionally high level of Chinese loan commitments relative to the size of its economy and its total outstanding debt.

In 2020, Zambia became the first African country to default on its $42.5 million bond payment during the COVID-19 pandemic, a financial setback that has hindered its economic growth and stalled new development projects.

Experts warn that prolonged debt crises of this nature can push nations further into poverty and unemployment while cutting them off from the credit needed to rebuild and recover.

Nkulukusa acknowledged the ongoing discussions to find a resolution to the payment issue. “That is the discussion we have,” he said. “We’re looking for a solution to that.”

Source: businessinsiderafrica
Via: norvanreports
Tags: ChinaZambiaZambia Erroneously Makes $80 Million Payment to China

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

Black Stars Nominated for National Team of the Year at 2025 CAF Awards

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Trending

Features

Gold Price Falls by Most in Over a Decade as Rally Cools

October 22, 2025

Gold Price Falls by Most in Over a Decade as Rally Cools Gold prices fell by the...

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

October 22, 2025

Among Africa’s Top Performing Currencies — the Zambian Kwacha

October 22, 2025

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

October 22, 2025

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.