China Monitors Zambia’s Debt Restructuring, Pledges Continued Support
China is closely monitoring negotiations surrounding Zambia’s debt restructuring and has reaffirmed its commitment to supporting the African nation.
At a recent press conference in Beijing, Chinese Foreign Ministry spokesman Mao Ning emphasized China’s leading role in Zambia’s debt relief efforts.
He noted that China was the first official creditor to offer debt relief and co-chaired the Committee of Official Creditors, which played a key role in achieving significant progress on restructuring Zambia’s debt.
Mao Ning stated China’s intention to continue collaborating with relevant parties to monitor the progress of Zambia’s debt treatment.
He underscored China’s long-term perspective in dealing with debt issues faced by developing countries, aiming to support their economic and social development.
The spokesman called upon the international community to join forces with China and implement concrete measures to assist Zambia and other African nations in achieving greater economic and social progress.
Despite a successful agreement with bilateral creditors last year that addressed over $6 billion in debt, Zambia still faces a significant challenge. The country owes an additional $7 billion to holders of commercial bank bonds.
