Zambia's Finance Minister Says the Era of Too Much Debt From China Is Over

Zambia’s finance minister stated that the country is determined to break away from its failed economic development model, which heavily relied on borrowing huge amounts of debt from creditors like China. The minister acknowledged that the country’s debt level from China was excessively high. Since November 2020, Zambia has been engaged in negotiations with creditors, including China and Wall Street bondholders, to restructure its $17 billion debt. Observers consider the outcome of these negotiations as significant, as China has become the largest lender to developing countries, surpassing Western powers.