Hakainde HichilemaBBC: Zambia’s President Hakainde Hichilema can finally breathe a sigh of relief as the outlines of a deal aimed at lifting his country out of its debt crisis have been unveiled. In 2020, the copper-rich country became the first African nation to default on its debt payments during the Covid pandemic. Following months of talks, Zambia has now successfully agreed new repayment terms with its state creditors on up to US $ 6.3 billion (£5 billion) debt, including over US $ 4 billion owed to China. France’s President Emmanuel Macron, who played a pivotal role in persuading China to agree, hailed the deal as “historic”. Experts have praised the government for securing the agreement and are hopeful that this will improve Zambia’s economic situation.

Source: The Nation June 24, 2023 05:04 UTC