Zambia’s inability to reach a definitive agreement with all its creditors is not for lack of trying. But it has had bad luck. It is the test case for the Common Framework that the G20 international forum established in November 2020 to deal with the debts of low-income countries. Zambia’s official creditors have been organised into a committee chaired by China and France. The official creditors moved slowly and appear to have been more focused on reaching agreements that serve their geo-strategic interests than on what is best for Zambia. The current approach to sovereign debt restructuring is failing Zambia and its people. A new approach is needed. How do we solve Africa’s debt crisis ?
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