Yellen pushes for China to address Zambia’s big debt burden

Published January 22, 2023 9:06 PM

By FATIMA HUSSEIN
Associated Press

LUSAKA, Zambia (AP) — U.S. Treasury Secretary Janet Yellen says on the second leg on her African tour it’s “critically important” to address Zambia’s debt crisis. Experts say a prolonged debt crisis could lead Zambia deeper into poverty and joblessness and exclude it from credit to rebuild in the future. Yellen’s Monday visit to Zambia is aimed at promoting American investment. Yellen is in a capital city visibly dominated by Chinese financing. How Zambia’s debt is renegotiated with the Chinese will provide a test case for how lenient China will be with other overextended nations facing debt distress. Yellen met with Zambia’s president and finance minister. Yellen also has visited Senegal and will visit South Africa.

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