Tackling Zambia's Debt Problem: Supporting Debt Management Reforms through CSO Collaboration
In November 2020, Zambia made headlines when it became the first African nation to default on its debt repayment to foreign lenders during the COVID-19 global health crisis. While many African nations made significant progress in reducing their debt burdens in the 1990s and 2000s, in recent years, countries such as Zambia, Kenya and Mozambique have steadily taken on more and more loans to finance large infrastructure projects and government spending. In 2021, Zambia’s overall debt burden reached 123% of the country’s GDP according to the International Monetary Fund.
Source: ndi.org