Chinese Debt Close To US$5 billion – Simumba

Chinese Debt Close To US$5 billion – Simumba

International Trade Consultant, Trevor Simumba says his findings have established that Zambia’s Chinese debt stands at close to US$5 billion and not the US$2 billion figure given by the government.

Mr Simumba disclosed this during the launch of the Study on Zambia’s Chinese Debt by the Center for Trade, Policy and Development (CTPD) in Lusaka.

He has since urged the government to immediately renegotiate its debt with China.

Mr. Simumba has also called for greater transparency with regards the terms and structure of Chinese loans to Zambia.

He has further called for debt oversight systems to be strengthened.

Mr. Simumba has since recommended that the Ministry of Finance review and reform the ineffective debt management structure.

Speaking at the same event, Transparency International Zambia (TIZ) Executive Director, Wesley Chibamba said there is need for the government to be open and transparent in the acquisition of loans.