Next Africa: Zambia Could Default and Others Follow

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The depth of devastation brought by the coronavirus to fragile African economies is becoming clear. Zambia is seeking to delay $120 million in interest payments on its Eurobonds for six months — an effective default. Chad asked to postpone debt repayments to Glencore and other private creditors. Kenya said it is at risk of debt distress and Angola sought to calm anxious investors, with its secretary for finance insisting the country will honor its obligations.  

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