{"id":15563,"date":"2022-02-06T20:40:08","date_gmt":"2022-02-06T20:40:08","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled"},"modified":"2022-02-06T20:50:12","modified_gmt":"2022-02-06T20:50:12","slug":"campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled","title":{"rendered":"Campaigners say two-thirds of Zambia\u2019s debt needs to be cancelled"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Figures released by the Zambian Civil Society Debt Alliance and Jubilee Debt Campaign UK show that external private lenders and other governments need to cancel at least two-thirds of Zambia\u2019s debt.<\/p>\n

The campaigners argue large scale debt cancellation is needed to make Zambia\u2019s debt sustainable. Zambia is currently negotiating a restructuring of its debt with private and government creditors through the G20\u2019s new Common Framework. Whether the restructuring leads to a sustainable debt will be a key test of the Framework both for Zambia and other countries in debt crisis.<\/p>\n

Father Alex Muyebe, Chairperson of the Zambian Civil Society Debt Alliance, said, \u201cBoth lenders and the previous Zambian government are responsible for plunging Zambia into the current debt crisis. The debt burden is increasing poverty in Zambia, preventing us from tackling and recovering from the pandemic and dealing with crises caused by rich countries such as climate change.\u201d<\/p>\n

\u201cPrivate lenders and other governments lent to Zambia at high interest rates and at high risk. Lenders need to accept they lent recklessly and agree a large-scale debt cancellation to allow the people of Zambia to tackle multiple external crises.\u201d<\/p>\n

Heidi Chow, Executive Director of Jubilee Debt Campaign UK, said, \u201cthree years Zambia\u2019s debt has been bought and sold at 30 to 70 per cent below face value on financial markets. These high interest loans should never have been lent in the first place and now the rich owners of this debt stand to make massive profits out of the Zambian people. Large scale debt cancellation is the only sustainable way out of this crippling debt crisis and lenders need to take their fair share of responsibility. If private lenders refuse to agree the necessary debt cancellation, then the IMF and G20 governments should politically and financially support Zambia to stay in default on them.\u201d<\/p>\n

\u201cZambia defaulted on interest payments to foreign currency bondholders in November 2020 and applied for a debt restructuring through the G20 Common Framework in February 2021.\u201d<\/p>\n

\u201cThe G20 Common Framework allows for cancellation of debt to reduce it to a sustainable level by G20 governments, including China, but only if private lenders agree to at least the same amount of debt cancellation. The G20 are guided by the IMF as to whether a debt is sustainable or not. The IMF has declared that Zambia\u2019s debt is unsustainable and is due to complete its Debt Sustainability Analysis for Zambia soon. However, often these analyses are not made public.\u201d<\/p>\n

The IMF\u2019s current practice is that restructurings need to reduce the risk of debt crisis to moderate under its Debt Sustainability Framework, while leaving enough room for an economic shock not to push a country back into debt crisis. This means Zambia\u2019s external debt payments need to be around 12% of government revenue.<\/p>\n

The Zambian Civil Society Debt Alliance and Jubilee Debt Campaign UK have calculated this means that around two-thirds of the external debt owed to private lenders and other governments needs to be cancelled, as well as all interest payments.<\/p>\n

Of Zambia\u2019s external debt 46% is owed to private lenders, 22% to China, 8% to other governments and 18% to multilateral institutions. The debt to multilateral institutions is not included within the Common Framework debt restructuring. The average interest rate on each creditor group is:<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Figures released by the Zambian Civil Society Debt Alliance and Jubilee Debt Campaign UK show that external private lenders and other governments need to cancel at least two-thirds of Zambia\u2019s debt. The campaigners argue large scale debt cancellation is needed to make Zambia\u2019s debt sustainable. Zambia is currently negotiating a restructuring of […]<\/p>\n","protected":false},"author":84,"featured_media":15561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,235,233],"class_list":["post-15563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nCampaigners say two-thirds of Zambia\u2019s debt needs to be cancelled - Zambia<\/title>\n<meta name=\"description\" content=\"Figures released by the Zambian Civil Society Debt Alliance and Jubilee Debt Campaign UK show that external private lend ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Campaigners say two-thirds of Zambia\u2019s debt needs to be cancelled\" \/>\n<meta property=\"og:description\" content=\"Figures released by the Zambian Civil Society Debt Alliance and Jubilee Debt Campaign UK show that external private lend ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-06T20:40:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-06T20:50:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/02\/img-6200345e26ad5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"364\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Campaigners say two-thirds of Zambia\u2019s debt needs to be cancelled\",\"datePublished\":\"2022-02-06T20:40:08+00:00\",\"dateModified\":\"2022-02-06T20:50:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled\"},\"wordCount\":569,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/02\/img-6200345e26ad5.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/campaigners-say-two-thirds-of-zambias-debt-needs-to-be-cancelled\",\"name\":\"Campaigners say two-thirds of Zambia\u2019s debt needs to be cancelled - 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