By Ebi Kesiena
France’s economy minister disclosed on Thursday that Leaders at a global finance summit are close to sealing deals to restructure Zambia’s debts with the agreement of major creditor China.
Speaking on the sidelines of the summit on Radio France Internationale, French Economy Minister Bruno Le Maire explained that the leaders are on the verge of reaching an agreement, adding that it is a very good news for the country.
Zambia, Africa’s biggest copper producer, defaulted on its $18.6 billion external debt in 2020, with China the biggest creditor.
“We want to do it with our Chinese partners, and the Chinese premier’s presence is a decisive sign of China’s willingness to take part in this debt restructuring.”
Maire added that France and Beijing was on board to discuss restructuring Zambia’s debt, and that of Sri Lanka, at the summit in Paris attended by Chinese Premier Li Qiang among other world leaders.
The United States had accused China of dragging its feet on a debt agreement for Zambia, the first African country to default during the Covid crisis.
The two-day Paris summit is focused on reforming the global lending system in the face of the rising costs of damage from climate change.
The eve of the summit saw a meeting of the Paris Club, a group of creditor countries that seeks to help struggling countries pay their debts -of which China is not a permanent member.
