LUSAKA (Reuters) – US Treasury Secretary Janet Yellen visited Zambia on Wednesday to highlight the importance of restructuring the country’s debt and met with senior Chinese officials last week. She said she expected the reorganization to go ahead.
Yellen said China was an obstacle to debt restructuring and raised the Zambia issue in meetings with Chinese officials. “We asked for cooperation to reach a quick decision. The dialogue was constructive,” he said.
In response, the Chinese embassy in Zambia said, “The greatest contribution the United States can make to its external debt problems is to act in accordance with a responsible monetary policy to address its own debt problems and to avoid debt problems of other sovereign nations.“Don’t block efforts to find a solution,” he said.
In a meeting with Zambia’s Finance Minister, Musokotwane, Yellen said a quick solution to Zambia’s debt problem is a top priority for the US Treasury Department.
In the meeting with President Hichilema, he acknowledged that progress on the “common framework” of 20 countries and regions (G20), which aims to reduce the debt of developing countries, has been greatly delayed.
Yellen told reporters that it is important for Zambia to address corruption and human rights issues and create a business environment conducive to investment and trade.
