Lusaka — Zambia will cancel or downsize project loans worth about $5bn as the nation tries to rein in runaway external debt that is increasing its risk of default.
That would add to Zambia’s existing external debt stock of $11.2bn at the end of 2019, which the International Monetary Fund forecasts would rise to 66% of GDP by the end of 2020. External borrowing has soared from $1.7bn a decade ago as the government embarked on an ambitious programme to build roads, airports and increase electricity generation.
Investors are worried whether the government of Africa’s second-largest copper producer will be able to make the first payment for a total $3bn in Eurobonds that falls due in 2022. Yields on its dollar debt have topped 20% in recent months.
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