Broadcast|Zambia Is in Debt Crisis and Social Unrest after a Decade in the Belt and Road Initiative

By: MOS Education Team-葫芦娃

The finance and national minister of Zambia said on Tuesday, the country’s external debt is at $14.48 billion, much higher than the earlier figure of $12.91 billion, a 12% increase over the estimated value.

Over the past decade, Zambia has borrowed heavily from China’s Belt and Road Initiative, to fund infrastructure projects, including roads and railways. As a result, the country’s debt crisis has been getting worse, and the heavy debt has led to fiscal deficits, spiked inflation and food prices, stirring social unrest.

It is reported that Zambia owes at least $6.6 billion to Chinese lenders. Last year Zambia became the first sovereign defaulter during the pandemic era.

In August Zambians voted incumbent President Edgar Lungu out of office. Opposition leader Hakainde Hichilema became the president with a landslide victory. According to analysts, this election result showed voters’ unwillingness to pay the cost of the highly indebted economy.

This developing country has been in heavy debt under China’s Belt and Road Initiative, and this has caused major civil unrest among its citizens. Unfortunately it is the citizens of both countries who have to pay for the ultimate price.

Article: Zambia Is in Debt Crisis and Social Unrest after a Decade in the Belt and Road Initiative

Posted by: Yuki jiang

More information, follow us 

New York MOS Himalaya GTV

New York MOS Himalaya MOS TALK

New York MOS Himalaya | Gettr

New York MOS Himalaya YouTube

Free to Join New York MOS Himalaya | Discord

1 Comment
Inline Feedbacks
View all comments
majid
10 days ago
"گھر میں کام کریں"۔

میری پچھلے مہینے کی تنخواہ 11000 ڈالر تھی… میں نے گھر میں آرام سے 3-4 گھنٹے/دن کے لیے آن لائن آسان کام کیا جو مجھے اس ایجنسی سے ملا جو میں نے انٹرنیٹ پر دریافت کیا اور انہوں نے مجھے اس کے لیے ہر گھنٹے 95 روپے ادا کیے…. مزید معلومات کے لیے کسی بھی ٹیب پر جائیں اس سائٹ کا بہت بہت شکریہ مزید معلومات کے لیے کسی بھی ٹیب پر جائیں اس سائٹ کا بہت بہت شکریہ ………………………. ………….. www,kingplan1.com