Beijing, China – China has committed to ongoing collaboration with all parties involved in Zambia’s debt restructuring efforts, according to a statement from the Chinese Foreign Ministry spokesperson on Tuesday. However, the statement did not explicitly endorse the recent agreement reached between Zambia and overseas bondholders.
The announcement comes after Zambia and a group representing its international bondholders confirmed a new deal on Monday. This agreement aims to restructure $3 billion in debt and reportedly received approval from Zambia’s official creditors, including China, the largest holder.
Zambia’s debt situation has been a source of significant challenge for the country. The nation defaulted on its loans over three years ago, and the debt restructuring process has faced repeated hurdles. Notably, official creditors, including China, rejected a previous bond deal in November 2023, arguing it did not provide comparable debt relief to their own terms.
“China, as co-chair of the Zambian Debt Committee, has actively collaborated with all stakeholders to achieve substantial progress in addressing Zambia’s debt burden,” Lin Jian, a spokesperson for China’s Ministry of Foreign Affairs, stated during a regular press conference.
Lin further emphasized China’s commitment to continued collaboration with all parties involved. This collaboration aims to ensure steady progress in resolving Zambia’s debt issues, though he did not directly comment on China’s position regarding the latest bondholder agreement.