Zambia in $642m debt fix - Cabinet approves more borrowings to pay Chinese ECAs

(Post News, Zambia, 18 December 2015) The Zambian government is under pressure to borrow over US$642 million to pay Chinese lenders as overdue down payment for loans worth US$3 billion. According to a Cabinet memorandum, Zambia has contracted US$3,012,466,199 in concessional and non-concessional export credit from China, but the government has failed to pay the required down payment of US$642,993,572 on all 12 loans due to fiscal constraints.