China is closely monitoring the progress of Zambia’s debt restructuring negotiations and remains committed to supporting the nation through its financial challenges, stated Chinese Foreign Ministry spokesman Mao Ning on Friday.
During a regular press conference in Beijing, Mao emphasized China’s pivotal role in aiding Zambia’s debt resolution efforts.
“Congratulations on the significant progress made in Zambia’s debt restructuring negotiations. As Zambia’s good friend and partner, China takes Zambia’s debt concerns very seriously. China was the first official international creditor to relieve Zambia’s debt and, as co-chair of Zambia’s Official Creditors Committee, led the efforts that led to significant progress in restructuring that debt. Our contribution is recognized by Zambia and by the international community. China will continue to coordinate with the parties concerned to advance the follow-up of Zambia’s debt treatment,” Mao stated.
Mao further highlighted China’s long-term approach in addressing the debt issues of developing countries, emphasizing the need for global cooperation to facilitate economic and social progress in Zambia and other African nations.
“In dealing with the debt problems of developing countries, China has always adopted a long-term perspective aimed at helping the development of these countries. We call on the international community to work with China and continue to take concrete steps to help Zambia and other African countries in achieving greater economic and social progress,” she said.
Despite significant strides in debt restructuring, Zambia still faces nearly $7 billion in unresolved debt, primarily owed to bondholders and commercial banks. This challenge persists despite an agreement with bilateral lenders last year that addressed over $6 billion of debt.
Zambia’s efforts to secure debt relief have been arduous. A notable setback occurred last October when a deal to restructure approximately $3 billion of debt with bondholders was rejected by the official creditors.
China’s continued support and coordination with international partners are seen as critical in helping Zambia navigate its ongoing debt restructuring process and achieve sustainable economic recovery.
