Zambians urge BlackRock to ease up on debt repayments

Civil society organisations in Zambia have called on the US investment firm BlackRock to delay or cancel debt interest payments, warning that government spending is being severely affected.

Campaigners say Zambia has had to cut its education, health and social care budgets as it tries to service $13bn (£10bn) worth of external debt.

Almost half is owed to private lenders. The country has been struggling financially for several years.

It became the first in Africa to default during the coronavirus pandemic.

BlackRock refused to suspend debt interest payments in 2021. The International Monetary Fund has provisionally agreed to give Zambia more than $1bn in credit over the next three years.

This article originally appeared on BBC News

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