Capital FM
Africa International

Zambia on brink of defaulting foreign debt

Zambia is on the brink of defaulting on its foreign debt after it missed a payment of more than $40m (£30.5m) last month.

A so-called grace period will expire on Friday, making it Africa’s first country to default on its sovereign debt since the coronavirus pandemic.

Zambia was already struggling to service its $12bn external debt load.

The pandemic has aggravated pre-existing financial pressures, putting an additional burden on health services and depressing economic activity.

The country has asked for a delay to interest payments until April next year but creditors have not yet agreed.

READ  SA leader Ramaphosa holds phone talks with Biden

Related posts

French air strikes in Mali kill dozens of militants

Capital Radio

More post-election clashes in Ivory Coast

Capital Radio

Covid-19 in South Africa: Scientists seek to understand new variant

Capital Radio

Leave a Comment

error: Content is protected !!