In November, Africa's second-biggest copper producer became the first African country to default on its sovereign debt during the coronavirus crisis, after failing to keep up with payments on its more than $12 billion of international debt.
“Rebuilding our economy is top on our agenda. We will implement policies to address the fiscal deficit while ensuring that confidence is restored in the markets,” Hichilema said. “We have indeed inherited an economy that is in dire straits and requires bold and decisive action to be taken,” he said, adding that his government was committed to halting the accumulation of expensive public debt.
Zambia's external debt includes about $3 billion in Eurobonds, $3.5 billion in bilateral debt, $2.1 billion owed to multilateral agencies and $2.9 billion in commercial bank debt.
Zambia will be better place to live than South Africa.
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