China-Africa relations: Zambia on way to debt default as G20 relief plan comes too late

//China-Africa relations: Zambia on way to debt default as G20 relief plan comes too late

China-Africa relations: Zambia on way to debt default as G20 relief plan comes too late

An agreement struck on Friday by the Group of 20 (G20) on a common approach to waiving or restructuring developing nations’ debts came too late for Zambia, which is set to become the first country in Africa to default on its borrowings in the Covid-19 era. Finance ministers from the group of major and emerging nations, which includes China and the United States, approved the so-called Common Framework to provide a lifeline for countries saddled with unsustainable debt levels. “We recognise…

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By | 2020-11-16T03:30:17+00:00 November 16th, 2020|Headlines|Comments Off on China-Africa relations: Zambia on way to debt default as G20 relief plan comes too late