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  • the Zambian government mr $42.5 million sovereign bond payment on Friday that made it Africa's first pandemic era sovereign default on things haven't improved for the country this week.

  • One large Eurobond creditors said on Monday that the government's lack of engagement has made providing near term debt relief impossible.

  • It added that it may consider other options as the country looks on track for an acrimonious debt restructuring.

  • Some observers say a failure to find compromise could be disastrous for all involved.

  • But Tim Jones from UK based Jubilee Debt Campaign says debt relief for some of the world's poorest countries should be provided.

  • Crisis of the last few years has come from trying to pay a debt that cannot be paid on the first step to dealing with that is acknowledging this debt can't prepared, therefore it won't be paid.

  • The pandemic dramatically accelerated Zambia's debt problems.

  • A decline in the currency pushed external borrowing to more than $11 billion last year.

  • Roughly half of the country's GDP from under $5 billion in 2014.

  • The $1.7 billion it owed in debt repayments this year was four times health spending.

  • The collapse in copper prices easily Zambia's biggest export, locked another third off the currency's value.

  • The government had requested that bondholders granted a deferral of interest payments until April.

  • But on Monday the creditors criticized a lack of direct discussion and additional information, as well as government plans to continue borrowing material amounts over the next three years.

  • Analysts and creditors said they expect Zambia could face a lengthy process of overhauling its debt.

the Zambian government mr $42.5 million sovereign bond payment on Friday that made it Africa's first pandemic era sovereign default on things haven't improved for the country this week.

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B1 debt sovereign borrowing government currency relief

Zambia defies creditors, defaults on debt

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    林宜悉 posted on 2020/11/19
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