Zambia
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. Zambia owes China US$6.18 billion including unpaid interest.
The debt is attributed to former president Edgar Lungu who borrowed heavily to fund infrastructure projects.
The government, led by opposition leader Hakainde Hichilema who took over after elections in August is in talks with the International Monetary Fund, IMF, seeking a bailout to restructure its debt.
Zambia became the first African nation to default on its debt during the coronavirus pandemic.
11:17
Can a borrower's club lead to cheaper, sustainable debt? [Business Africa]
Go to video
Top 5 economies in Sub-Saharan Africa to watch out for in 2023, according to IMF
Go to video
Fuel goes up after IMF pressures Cameroon to end price subsidy
Go to video
Chinese national killed in Ethiopia’s tense Oromia region
01:20
Inflation slows in Ghana
01:00
Egypt, China discuss tourism cooperation in Cairo