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Zambia Goes Even Deeper in Debt

FILE: Zambia's newly elected President Hakainde Hichilema during the Inauguration ceremony in Lusaka, Zambia, Tuesday, Aug. 24, 2021.The Southern African nation in recent years has swung from prosperity and stability to massive debt, recession and repression

LONDON - Default-stricken Zambia published figures on Wednesday showing its total public debt stock stood at $32.8 billion including interest arrears at the end of last year.

Zambia has been stuck in default since it became the first COVID-era African nation to do so in November 2020. Its finance minister has said it is pushing to finish the long-delayed Common Framework restructuring by end of March or shortly after.

World Bank President David Malpass said on March 21 he remained deeply concerned about the debt restructuring stalemate in Zambia and that the bank is working with India and the International Monetary Fund on the G20 debt restructuring process.