Chinese overseas lending / ZMB
Zambia: debt owed to China
In 2021, Zambia is estimated to have owed China $6.09bn, equal to 27.5% of its GDP, which ranks it 23 of 126 borrowers in the panel by dollars owed. The estimated stock peaked at $6.09bn in 2021.
The estimated stock, 2000 to 2021
The largest single-year move in the estimated stock is 2018, when it rose by $1.13bn.
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending. Selection: estimated stock owed to China by Zambia, by year and instrument, 2000 to 2021. Zeros are estimated zeros (no known loans outstanding), not missing values. Methodology
Against what Zambia reports owing to all creditors
Zambia reported $26.94bn of total external debt to all creditors in 2021, of which $15.26bn is public and publicly guaranteed. The China estimate is 22.6% of the reported external total and 37.8% of the reported public and guaranteed stock. These are ratios of two different measurements, one estimated and one borrower-reported, and they are not a share of a single consistent total.
| Measure, 2021 | Estimated, owed China | Reported, all creditors | Ratio, % |
|---|---|---|---|
| Total external debt | $6.09bn | $26.94bn | 22.6% |
| Public and publicly guaranteed | $5.77bn | $15.26bn | 37.8% |
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending (estimated stocks), and World Bank International Debt Statistics, borrower-reported via the Debtor Reporting System (all-creditor stocks). Selection: estimated external and PPG stock owed to China in 2021 against Zambia's reported DT.DOD.DECT.CD and DT.DOD.DPPG.CD for the same year. Drawn swap balances are excluded from the estimated column: they are a central-bank liability the Debtor Reporting System's long-term-debt concepts do not carry. Methodology
Chinese restructurings involving Zambia
1 deal recorded between Zambia and Chinese state creditors. These are context, not accounting: the source records face-value reduction as a flag rather than a magnitude, so no haircut percentage exists for them, and nothing here is netted off the estimated stock above.
Creditor: China Development Bank
In 2020, China Development Bank rescheduled debt with the Government of Zambia. The agreement defered principal and interest payments falling due in 2020. Deferred interest is payable in April 2021 and deferred principal is to be repaid within the existing maturities.
Acker et al. (2021)
Source: Horn, Reinhart and Trebesch, Hidden Defaults (World Bank Policy Research Working Paper 9925). Selection: every recorded restructuring agreement between Zambia and a Chinese state creditor. Face-value reduction is a 0/1 flag in the source, not a percentage; the badge appears only where the source sets it. Methodology