{"id":26703,"date":"2022-07-14T21:52:32","date_gmt":"2022-07-14T21:52:32","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt"},"modified":"2022-07-14T22:09:40","modified_gmt":"2022-07-14T22:09:40","slug":"zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt","title":{"rendered":"Zambia plans to cancel over $2 billion projects to rein in debt"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Reuters reports that Zambia is cancelling more than $2 billion worth of projects financed by commercial loans to reduce the risk of accumulating more non-concessional debt, the ministry of finance said.<\/p>\n

In 2020, Zambia became the first nation to default in the COVID-19 era. At the end of 2021, its external debt stood at $17.27 billion, of which China held $5.78 billion, and it is in negotiations with creditors and the International Monetary Fund (IMF) to lift itself out of this debt hole.<\/p>\n

Zambia was in the process of cancelling projects worth an estimated $2.1 billion, the medium-term budget plan published by the ministry of finance late on Saturday showed, although it gave no details.<\/p>\n

A treasury spokesperson did not immediately respond to a request for a breakdown. Zambia\u2019s economic growth in 2022 is expected to slow down to 3.1% from 3.6% recorded in 2021 mainly due to the expected reduced output from the agricultural sector.<\/p>\n

The economy of Africa\u2019s second-largest copper producer is forecast to grow 4%, 4.1% and 4.4% in 2023, 2024 and 2025, respectively, the ministry\u2019s plan showed.<\/p>\n

The decision to axe the projects is part of a broader debt-restructuring process, it said, adding that it expected bilateral creditors would provide adequate financing assurances for approval of an IMF programme being discussed.<\/p>\n

The government was also in the process of changing the law to increase parliamentary oversight on borrowing, it said. The 2023-2025 medium term macroeconomic objectives also include keeping inflation down in single digits, averaging 9.2% in 2023, 8.2% in 2024 and 7.3% in 2025, it said. The government also plans to maintain reserves at three months\u2019 worth of import cover, it said.<\/p>\n

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

Africa-Press – Zambia. Reuters reports that Zambia is cancelling more than $2 billion worth of projects financed by commercial loans to reduce the risk of accumulating more non-concessional debt, the ministry of finance said. In 2020, Zambia became the first nation to default in the COVID-19 era. At the end of 2021, its external debt […]<\/p>\n","protected":false},"author":84,"featured_media":26702,"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-26703","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":"\nZambia plans to cancel over $2 billion projects to rein in debt - Zambia<\/title>\n<meta name=\"description\" content=\"Reuters reports that Zambia is cancelling more than $2 billion worth of projects financed by commercial loans to reduce ...\" \/>\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\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zambia plans to cancel over $2 billion projects to rein in debt\" \/>\n<meta property=\"og:description\" content=\"Reuters reports that Zambia is cancelling more than $2 billion worth of projects financed by commercial loans to reduce ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt\" \/>\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=\"2022-07-14T21:52:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-14T22:09:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/07\/postQueueImg_13-62d0940b3690a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\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=\"1 minute\" \/>\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\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zambia plans to cancel over $2 billion projects to rein in debt\",\"datePublished\":\"2022-07-14T21:52:32+00:00\",\"dateModified\":\"2022-07-14T22:09:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt\"},\"wordCount\":281,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/07\/postQueueImg_13-62d0940b3690a.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\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-plans-to-cancel-over-2-billion-projects-to-rein-in-debt\",\"name\":\"Zambia plans to cancel over $2 billion projects to rein in debt - 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