Exim Bank to the rescue as Zambia fights debt crisis

Zambian President Edgar Lungu

Zambian President Edgar Lungu arrives to give a press briefing at the Zambian State House in Lusaka on July 6, 2017. 

Photo credit: Dawood Salim | AFP

What you need to know:

  • A government statement late on Monday said the move by the Export-Import Bank of China (Exim Bank) was aimed at helping Zambia ease its debt and liquidity pressures.
  • In mid-October, Zambia got some debt servicing relief from China Development Bank, putting more pressure on private bondholders.

Zambia has received a shot in the arm as a Chinese bank has suspended interest and principal payments on sovereign loans amounting to $110 million that were due between May 1 and December 31, 2020.

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