loader
photo

Zambia Urges America To Stop Seeking Debt Repayments As The Country Can't Afford Them

Zambian civil society organizations have called for the US to cancel or delay interest payments as the country's GDP falls into record lows.

The former British colony of Northern Rhodesia has made cuts to education, healthcare, social care, and increased taxes in an attempt to gather enough money to pay back debts owed to the US via investment firm BlackRock.

The debt in question is worth over $13 Billion (£10 Billion), with half of it owed to private lenders at BlackRock.

Zambia has become the first African country to default during the Coronavirus pandemic.

BlackRock refused to forgive or delay the debt.

The International Monetary Fund (IMF) has agreed to extend Zambia's credit by more than $1 Billion (£975 Million) over the next 3 years.

Leave a Reply