LUSAKA, Zambia
President of Zambia, Edgar Lungu has asked
Chinese President Xi Jinping for some
debt relief and cancellation in a telephone conversation between the two
leaders.
LUSAKA, Zambia
That is according to a statement issued by
Lusaka after the chat that reportedly took place on July 20.
"President Lungu called for debt relief
and cancellation in light of reduced revenue due to the negative impact of the
pandemic, as well as competing needs for the country, to secure adequate
resources to fight the pandemic and to stimulate the economy," said a
statement issued by Spokesman Isaac Chipampe.
Zambia's public debt has increased
significantly in recent years although it's unclear exactly how much is
actually owed to China.
The two leaders agreed to continue working
closely together to safeguard common interests, including on matters concerning
the United Nations Security Council.
The statement said President Lungu reaffirmed
Zambia’s commitment to the aspirations of the Forum on China-Africa Cooperation
which has yielded tangible benefits for Zambia through a number of
developmental projects.
He also reaffirmed Zambia’s continued support
for the ‘One China Policy’ and applauded the introduction of the national
security law that would ensure the long-term security and prosperity of Hong Kong.
China is now Africa's biggest creditor and is
owed some $145 billion by the continent.
Chinese President Xi has pledged to cancel
interest-free debt owed by “relevant” African countries as part of Beijing’s
move to help the continent during the Covid-19 pandemic.
Zambia’s economy was getting choked by its huge
external debt running into billions of dollars, and which has become a moot
point for the opposition and civil society.
The current regime has borrowed heavily to
spend on infrastructure, with most of the debt being from Chinese lenders.
Zambia has also issued two Eurobonds. - Africa
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