Zambia is cancelling more than $2 billion worth of projects financed by commercial loans to reduce the risk of accumulating more non-concessional debt, the ministry of finance said.
In 2020, Zambia became the first nation to default in the COVID-19 era. At the end of 2021, its external debt stood at $17.27 billion, of which China held $5.78 billion, and it is in negotiations with creditors and the International Monetary Fund to lift itself out of this debt hole.
Zambia's economic growth in 2022 is expected to slow down to 3.1% from 3.6% recorded in 2021 mainly due to the expected reduced output from the agricultural sector. The decision to axe the projects is part of a broader debt-restructuring process, it said, adding that it expected bilateral creditors would provide adequate financing assurances for approval of an IMF programme being discussed.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Southern Charm Star Madison LeCroy's $2 Beauty Pick is a Must-Pack Item For Your Next Trip - E! OnlineIf you're looking for problem-solving travel products, Southern Charm's Madison LeCroy has you covered with her practical recommendations.
Weiterlesen »
Crypto Winter Watch: All The Big Layoffs, Record Withdrawals And Bankruptcies Sparked By The $2 Trillion CrashEmbattled crypto lender Voyager Digital filed for bankruptcy this week and became the latest casualty of a bear market that will continue to leave a path of destruction in the digital currency sector.
Weiterlesen »
70 to 90% Down — Crypto Economy's Decline Shakes Out $2 Trillion in 8 Months – Market Updates Bitcoin NewsDuring the past eight months, crypto assets have shed enormous value against fiat currencies like the U.S. dollar.
Weiterlesen »
Crypto Winter Watch: All The Big Layoffs, Record Withdrawals And Bankruptcies Sparked By The $2 Trillion CrashEmbattled crypto lender Voyager Digital filed for bankruptcy this week and became the latest casualty of a bear market that will continue to leave a path of destruction in the digital currency sector.
Weiterlesen »