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Zambia: UN Experts Concerned Over Delay in the Country's Debt Restructuring
UN News, 17 April 2023
UN independent human rights experts on Monday said they were deeply concerned over delays in reaching an agreement on the restructuring of Zambia's debt and its corresponding… Read more »
Delay In Zambia Debt Restructure Raises Human Rights Concerns
UN independent human rights experts have said they were deeply concerned over delays in reaching an agreement on the restructuring of Zambia's debt and its corresponding negative human rights impact on peoples' lives there.
Experts appointed by the Human Rights Council, said that while social spending had increased, economic dividends stemming from sustained reforms and debt relief will go much further in expanding opportunities.
In August 2022, Zambia secured a 38-month Extended Credit Facility of U.S.$1.3 billion from the International Monetary Fund.
In November 2020, Zambia defaulted on its debt - the first African country to do so after the Covid-19 pandemic. The IMF applauded Zambia's efforts to reform its economy, saying it had done its part and urging its creditors to do theirs. The IMF also reached an understanding in principle with China to restructure almost U.S.$6 billion Zambia owes Beijing, one of its main creditors.
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The head of the International Monetary Fund Kristalina Georgieva has praised Zambia's efforts to reform its economy and urged its creditors to restructure the country's debts. ... Read more »
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