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rdf:type	schema:NewsArticle
schema:articleBody	Debt-distressed Zambia began talks Thursday with the International Monetary Fund (IMF) for a possible bailout loan after it defaulted on two interest payments over the past three months. The southern African copper producer hopes to navigate a debt crisis and rein in the spillover effects of the Covid-19 pandemic as it approaches presidential and parliamentary elections due in August. Zambia -- which struggled with its debt load even before the Covid-19 arrived despite its mining exports -- saw its external debt bulge to nearly $12 billion last year and became Africa's first economy to default during the pandemic. Late last year, it failed to pay $42.5-million in interest due on a Eurobond and on January 30 it skipped a $56.1-million payment on another bond. The virtual talks with the IMF are due to run until March 3 after President Edgar Lungu's government lodged a request for a financing arrangement. The exact details of the request is still unclear but Treasury Secretary Fredson Yamba last month said the focus will be on the need to scale up social protection programmes and support the agriculture and energy sectors. A deal could include a zero or low-interest loan to service its debts -- owed largely to Chinese firms -- plus technical support for economic reform. But analysts argue such a bailout will not be easy to come by if Lusaka is not transparent over the debt crisis. "We have not been honest," independent financial analyst Maambo Hamaundu told AFP. Already, the country has applied for loan restructuring under the G20 debt suspension initiative for the world's poorest countries -- allowing nations to focus resources on combating the coronavirus pandemic. An IMF deal, Hamaundu said, would inspire investor confidence as the package "will give (Zambia) credibility." str-ho/sn/rl
schema:headline	Zambia begins crunch IMF talks on debt defaults
schema:mentions	Lusaka Rein United States Department of the Treasury Infrastructure for Spatial Information in the European Community Agence France-Presse USA Gymnastics Bailout External debt Zambia International Monetary Fund Social security G20 Agriculture Africa Pandemic China Coronavirus President of the United States Coronavirus disease 2019 Fredson Rodrigues Yamba language Edgar Lungu Financial analyst Eurobond (external bond) European debt crisis Energy industry
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-11 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)
http://data.cimple...tology#hasEmotion	sadness

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