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I recently spent two weeks in #Zambia, mainly in Lusaka, meeting clients, conducting research, speaking to government officials. Here are some of my key takeaways 🧵🇿🇲
DEBT - this issue came up everywhere, and with good reason. Not only is it driving macroeconomic instability, but the government is nowhere near concluding a deal. And why? Because its largest creditor, #China, isn't happy with the terms laid out by the G20.
It's NB to note Chinese debt is both bilateral (i.e. issued by govt) and private (e.g., held by companies/individuals). Govts generally don't mind debt repayments being deferred, but private creditors are different - they usually want their money back sooner, even at a loss.
