Zambia is heavily indebted, totaling more than $ 12 billion (€ 10 billion). One third of this is due to China.
One of those debts is now fatal to the country: a loan worth $ 3 billion. It asked creditors for a deferment of payment, but the creditors did not agree.
Non-payment
“We consider failure to meet obligations as a default,” the credit rating agency said in a statement.
Zambia is the first country to go bankrupt during the corona crisis. The country was already having a hard time, but the crisis gave the final push. The country is one of the largest copper producers in the world, but has seen exports drop. The economy is expected to contract by more than 4 percent this year.
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