• 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 Economy

Zambia finds $1.98 billion more debt on books with China as the major creditor

4 years ago
in Economy, highlights, Home, home-news, latest News
1 min read
0 0
0
44
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Zambia finds $1.98 billion more debt on books with China as the major creditor

Zambia’s newly elected government on Thursday said it owed $2 billion (Sh220 billion) more to foreign creditors than previously thought, with more than $6 billion (Sh660 billion) owed to China alone.

The resource-rich but impoverished African nation said external debt stood at $14.48 billion (Sh1.59 trillion) at the middle of the year — more than 60 percent of gross domestic product.

Debt had ballooned under the government of Edgar Lungu, who was toppled in August elections by veteran opposition leader Hakainde Hichilema.

Hichilema is in talks for a bailout from the International Monetary Fund after Zambia became the first African nation to default on its debt during the coronavirus epidemic.

Of the total debt, Zambia owes China $5.75 billion — or $6.18 billion including unpaid interest, Finance Minister Situmbeko Musokotwane told parliament.

“The stock of public and publicly guaranteed external debt at the end of the second quarter stood at $14.48 billion excluding interest arrears,” he said.

RelatedPosts

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

Must Read: White House weighs wide-ranging push for crypto oversight

Lungu was accused of borrowing heavily to splash out on infrastructure projects during his six- year tenure.

Despite vast reserves of copper and other minerals, Zambia’s economy contracted in 2020 — the first recession sincew 1998 — and inflation remains in double digits.

Hichilema campaigned on a pledge to improve governance and restore an economy that over years of rapid growth transformed the nation into a middle-income country.

The government held talks with the IMF from September 27 to 1 October seeking a bailout to restructure its debt.

“Government is actively engaging the IMF for a fund programme aimed at providing an anchor to our debt restructuring,” the minister said.

Source: businessdailyafrica
Via: norvanreports
Tags: ChinaCovid-19IMFZambia finds $1.98 billion more debt on books with China as the major creditor
No Result
View All Result

Highlights

Sinner Dominates Tien to Secure China Open Title

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

Government to Establish Cyber Security Fund to Bolster Digital Defences

Headline Inflation Hits Single-Digit With 9.4% Rate in September 2025

Bank of Ghana Prices 1oz Gold Coin at GHS 49,131.99

Ghana Hosts IGAD Delegation on Land Governance Exchange

Trending

Business

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

October 1, 2025

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds Crude oil inventories in the United...

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

October 1, 2025

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

October 1, 2025

Sinner Dominates Tien to Secure China Open Title

October 1, 2025

President Mahama Vows Tougher Action on Cybercrime, Promises Collaboration with Global Partners

October 1, 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.