By Kurt Davis Jr.
President Hakainde Hichilema is creating a new playbook for African restructurings.
It will be a year in August since Zambian President Hakainde Hichilema took office. He walked into a financial mess with Zambia having already defaulted on its foreign debt in 2020 under previous President Edgar Lungu. The country is officially burdened with $14.1 billion in debt but is believed to be unofficially burdened with significantly more debt in relation to secret deals between the Lungu administration and various Chinese lenders. According to the China Africa Research Initiative, it is estimated that 18 large and small Chinese institutions have provided loans directly to Zambia and indirectly to state-owned entities since 2000.
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