Zambia Restructuring Offers Clues on China’s Willingness to Ease Debts of Poor Countries

China and other Zambian state creditors said Saturday they would negotiate debt relief for the South African copper producer, marking a milestone in international efforts to avoid a spate of chaotic defaults in developing countries as interest rates rise around the world.

Zambia’s request for some $17 billion in foreign currency debt restructuring is the first real test of a process launched by the G-20 in late 2020 and aimed at turning China into what has become the world’s largest state in recent years lenders to poor countries to join international debt relief efforts when those countries experience financial difficulties. The Common Framework for Debt Treatments also requires defaulting governments to negotiate with their private creditors – including international banks and bondholders – for debt write-offs that match those offered by government creditors.

https://www.wsj.com/articles/zambia-restructuring-offers-clues-on-chinas-willingness-to-ease-debts-of-poor-countries-11659198874 Zambia Restructuring Offers Clues on China’s Willingness to Ease Debts of Poor Countries

Alley Einstein

USTimesPost.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimespost.com. The content will be deleted within 24 hours.

Related Articles

Back to top button