Zambia's debt crisis: Why BlackRock must #CancelTheDebt
Channel: Debt Justice
Date: 2022-04-13

Zambia is in the middle of a huge debt crisis. The pandemic has pushed debts up, leaving little to spend on health, education and social protection. 
Despite this, one of its biggest lenders, the financial giant BlackRock, has so far refused to cancel or restructure any of the country's debts.
If Zambia pays the bonds owed in full, then high interest rates will mean it will repay almost twice as much as was originally lent.

Right now, Zambia is in negotiations with BlackRock to try and restructure the debt. Zambian activists are calling for action. 

“Wealthy bondholders are now demonstrating plainly, in the midst of the global Covid-19 crisis, that their sole priority is their own profit.” Nalucha Nganga Ziba, ActionAid Zambia

Speakers were: 
Engwase Mwale, Immediate past Executive Director of The Non-governmental Gender Organisations’ Coordinating Council, and a member of the Zambian Civil Society Debt Alliance

Tim Jones, Head of Policy at Jubilee Debt Campaign 

Dario Kenner, CAFOD - chairing the meeting.