Zambia is on the brink of defaulting on its foreign debt: Trevor Hambayi

Zambia is on the brink of defaulting on its foreign debt, after it missed payment of more than 40-million US dollars last month. It would become the first country in Africa to default on its sovereign debt since the coronavirus pandemic. For more on the Zambia economic crisis we are now joined via Zoom, by Trevor Hambayi a Zamiban Financial Analyst.
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[@nakangalaphiri3438]

The Zambian government is an embarrassment to our African leaders and Africa at large l feel embarrassed watching this and watching the government disgrace us in public.

[@emmanuelhitilasha2460]

COPPER IS OWNED BY FOREIGNERS THEY DONT EVEN PAY TAX AND THERE IS A CASE STAND ABOUT THAT EVEN WHEN WE SPEAK

[@Didmasela]

As a global political economist, I have the following perspectives: 1-Having debt in arrears means the debt is defaulted. So by not servicing its debt, Zambia has defaulted on its debt repayment. 2-Zambia is heavily indebted because the government borrowed money from the IMF, World Bank, government of China and private Chinese financial institutions( which are not coordinated). 3-The problem is not China or other lenders. The problem is African leaders who, for some reasons, cannot negotiate favourable terms of agreements. 4-The question is, are our African leaders bribed to accept such useless and unfair terms of agreements. 5- I propose that,all loan agreements, whether commercial or concessional, between China, Japan, USA, Uk, France or even indigenious African contractors be reviewed and approved by the Parlamentet who can then authorise the President or relevant ministers to officially sign the agreements. This is important because it will exhibit transparency and fight off corruption related to agreements signed behind closed doors leading to hidden debts. 6-Any commercial loan has collateral and terms attached to it. But I don't get it that the government of Edgar Lungu was already heavily indebted but still wanted to negotiate a loan with the IMF.

[@Ecrowder51]

This analyst should have been at the negotiation table before the contracts with China were signed.

[@Didmasela]

The Zambian leaders who signed the contracts were so corrupt that they would have never allowed the analyst to be part of the state negotiation team because he would not have condoned the corruption in the agreements.

[@akeem1221]

Zambians should not go diplomatic, carry the weapons and fight its own greedy regime. Suddening.

[@waleedmohamed3311]

The broblem is interest , you buy money you not eat forever.

[@margomargo4508]

nobody is going to write off anything, especially chinese, zambians will pay with their blood if necessary

[@JK-on3ex]

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