Zambia's Default and Restructuring Prospects

Zambia was the first African country to default on its debt in the wake of COVID-19. It has significant debt to Chinese lenders as well as bond debt held by private investors. The latter may have a big enough stake to veto a restructuring and are in no mood to make concessions, ostensibly because they worry that Chinese lenders may get favorable treatment. Tommy Stubbington, one of the terrific emerging markets reporters at the Financial Times, helps us make sense of the Zambian debt.

Producer: Leanna Doty