First, the data confirmed that the size of Zambia’s total public sector debt is $26.96 billion.
How much does Zambia owe in debt?
In Zambia, the newly elected government announced an increase of US$2 billion in debt owed to foreign creditors. External debt in the resource rich but impoverished country reached US$14.48 billion this year, over 60% of gross domestic product. Of the total debt, China is the largest foreign creditor.
What is Zambia’s debt 2020?
In 2020, the national debt of Zambia amounted to approximately 128.7 percent of the GDP.
Zambia: National debt in relation to gross domestic product (GDP) from 2016 to 2026.
|Characteristic||National debt in relation to GDP|
How much is Zambia in debt to China?
Zambia’s outstanding external debt to Chinese financiers is approximately $6.6bn, almost double the $3.4bn revealed by the previous Zambian government, according to a research paper by the China Africa Research Institute (CARI).
Why is Zambia in so much debt?
Since 2012, Zambia has borrowed extensively. The primary lending sources have been the Eurobond market and Chinese creditors, but Zambia has also borrowed from other non-traditional and commercial sources. The loans have been used both for major infrastructure investments and to cover an increased budget deficit.
Who owns Zambia’s debt?
It is not news that Zambia’s largest national creditor is China. The new data puts China’s total lending at $5.05 billion – equivalent to 30 percent of the total external debt and approximately 20 percent of Zambia’s GDP.
How much is Zambia worth?
$18.95 billion (nominal, 2021 est.) $75.857 billion (PPP, 2019 est.)
Which African country has the highest debt?
1. Angola – It is the most indebted African country, as per the African insider, with an estimated debt of $25 billion (about Sh2. 5 trillion).
How much is South Africa’s debt?
In 2020, the national debt of South Africa amounted to around 283.19 billion U.S. dollars.
How is Zambia doing economically?
Overall, the economy is estimated to have contracted by 1.2% in 2020 — the first recession for Zambia since 1998. Inflation remained in double digits throughout 2020 — averaging 15.7% — and reached a high of 22.2% in February 2021.
How much has Zambia invested China?
Since 2014, 19 infrastructure projects have been built in Zambia, with loans from China that total over $9 billion. A number of these cumbersome construction projects have been called ‘White Elephant projects,’ due to their expense and impractically.
Is Zambia a Chinese colony?
Like many other African countries, Zambia, a former British colony rich in copper and cobalt, has embraced China. In return it has received billions of dollars in investments. … It took the form of the Tazara railway, which was built by China in the 1970 to links the Copperbelt to Dar es Salaam in Tanzania.
How much money does the US owe China?
In July 2021, Japan owned $1.3 trillion in U.S. Treasurys, making it the largest foreign holder of the national debt. The second-largest holder is China, which owns $1.1 trillion of U.S. debt. Both Japan and China want to keep the value of the dollar higher than the value of their currencies.
Is Zambia sliding into economic ruin?
After weak levels of growth in 2019 (+1.4% according to preliminary estimates by the local statistics agency) due to low copper production, power blackouts and a drop in agricultural production caused by drought, the country is likely to be hit by a recession in 2020, for the first time in over twenty years.
How many Chinese are in Zambia?
There were 80,000 Chinese people living in Zambia according to a 2019 U.N. World Population study.
When did the IMF cancel debt in Zambia?
The Break with the IMF
It was, however, the IMF-inspired foreign exchange auction and its failure, coupled with public reaction to the removal of food subsidies, which brought Zambia’s debt crisis to a head and precipitated Zambia’s break with the IMF and World Bank in May 1987.