Zambia: Govt Asks France to Use ‘Influence’ to Speed Up Debt Restructuring


Zambian President Hakainde Hichilema has asked French President Emmanuel Macron to use his global influence to help move forward a long-delayed restructuring of Zambia’s foreign debt, after its default in 2020.

Hichilema met with Macron in Paris on Wednesday, where he “emphasised the importance of closing debt talks and asked France to use its role to leverage the Paris Club of Creditors Committee and the G20 to ensure the speedy resolution of the debt restructuring,” according to a statement from the presidency.

The Paris Club is a group of creditors, chaired by the French president, who aim to find payment solutions for debtor countries.

Zambia has struggled to find a relief deal with creditors – to whom it owes an estimated 17.3 billion dollars (15.8 billion euros) – since it became the first African country unable to repay its foreign debts in the wake of the Covid-19 pandemic.

It sought help to restructure its debt through a G20 mechanism, which is co-chaired by France and China, but its implementation has been slow.

Weight of debt slowing down Zambia

The debt is “like a python around our necks, ribs and legs”, Hichilema said in an interview with the AFP news agency, after meeting with Macron.

We need to “close this long overdue debt re-structuring, put it to bed and release resources and time and attention to the development side of our agenda,” he said.