China wants Western lenders to take up stronger action to relieve Zambia’s debt burden

The Chinese government has dared Western commercial lenders to take up due responsibilities and stronger actions to relieve Zambia’s debt burden.

The country has also slammed some local media firms hoping for trouble between China and Zambia.

China believes that Zambia’s debt restructuring requires mutual understanding and trust between all stakeholders and joint efforts to come to the optimal solution.

This is according to the Chinese Foreign Ministry Spokesperson Wang Wenbin’s Regular Press Conference held on February 14, 2023 in China.

Zambia’s external debt has swelled to US$13.36 billion as at end-September 2022.

Responding to a question on Zambia’s request to China in debt relief, Mr Wenbin said China would continue to stay in close communication and friendly consultations with Zambia and all other parties concerned.

Wenbin said China would play a constructive part in resolving Zambia’s debt issue.

He however challenged the Western commercial lenders and multilateral financial institutions to take up due responsibilities and take stronger actions to relieve Zambia’s debt burden.

“As Zambia’s friend, China attaches high importance to Zambia’s concerns about the debt issue. China is the first international official creditor that provided debt relief for Zambia, and facilitated the success of three meetings of the Creditor Committee for Zambia as a co-chair.

“According to the data released by Zambia’s Ministry of Finance and National Planning, the debt of predominantly Western commercial lenders and multilateral financial institutions account for 70 percent of Zambia’s foreign debt. They should take up due responsibilities and take stronger actions to relieve Zambia’s debt burden,” Wenbin said.

Meanwhile, Wenbin slammed some local media firms who he said hoped for trouble between China and Zambia.

Regarding Zambia’s debt treatment, he said, certain media with a hidden agenda often took things out of context and sow discord between China and Zambia or the wider Africa.

“But what they do cannot stand the test of facts, still less help solve any problems. This is clear to Zambia and the international community, which naturally puts those outlets’ credibility in doubt.

“The urgent statement released by Zambia’s finance ministry shows the solid mutual trust and traditional friendship between China and Zambia, and may have, therefore, let down some media outlets who had hoped for trouble between China and Zambia,” Wenbin said.

He stated that the African people were in the best position to tell who was the real friend of Zambia and had been helping African countries realise national development.

As Zambia’s friend, he said, China attached high importance to the country’s concerns about the debt issue.

“China is the first international official creditor that provided debt relief for Zambia, and facilitated the success of three meetings of the Creditor Committee for Zambia as a co-chair.

“We believe that the Zambian government and people know what China has done to promote Zambia’s national development and sustainable development, and China’s contribution to helping to resolve Zambia’s debt issue,” Wenbin said.

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