Situmbeko Musokotwane, Zambia’s finance minister, stated in an interview that the southern African nation hopes to repay a loan of roughly $13 billion in 2023, three years after defaulting on it.
In 2020, as the Covid-19 pandemic devastated Africa, Zambia became the first nation on the continent to default on its $17.3 billion in international debt.
The nation has made strides toward mending relations with donors since the 2021 election of business magnate President Hakainde Hichilema.
To assist Zambia in regaining fiscal stability, the IMF provided a $1.3 billion loan last year.
Since then, negotiations on the restructuring settlement have stalled, and Hichilema’s government has been unable to obtain a $1.3 billion IMF bailout.
Six billion dollars are being lent by Zambia to China from various large banks.
