PETER SINKAMBA ATTRIBUTES ZAMBIA’S DELAYED DEBT RESTRUCTURING TO CORRUPTION CLAIMS AGAINST CHINA IN THE MANNER THE DEBT WAS ACQUIRED

Green Party Leader Peter Sinkamba has attributed Zambia’s delayed debt restructuring process to accusations by the UPND while in opposition and in government that the debt was corruptly obtained from China.

Zambia continues its long-running struggle to restructure its external debt under the agreement that covers loans from countries including France, the United Kingdom, South Africa, Israel, India and China, Zambia’s biggest creditor at $4.1 billion of the total $6.3 billion debt.

However, Mr. Sinkamba says while President Hakainde Hichilema’s recent visit to China was important, Zambia has failed to receive significant support from that country regarding the debt trap due to negative sentiments prior to negotiations.

He is of the view that the negative sentiments seemed to suggest that the Chinese government participated in the alleged corruption with the patriotic front.

Mr. Sinkamba, who says China is the ideal partner for financial support, adds that Zambia should consider the BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, whose approach is international trade using local currencies.