Wires crossed over Zambia’s power utility
Print Edition
CHINA hopes the United States can learn a lesson and “not blurt things out,” the foreign ministry said yesterday.
The comment came after Zambia denied claims by a White House official that China is about to take over its state power utility to recover debt.
US National Security Adviser John Bolton earlier said China was poised to take over utility company Zesco to collect a US$6 billion to US$10 billion debt in Zambia.
Zambian presidential spokesman Amos Chanda said China was not planning to take over Zesco and that the figure of US$6-10 billion given by Bolton was wrong. Zambia’s total external debt was now US$9.7 billion, including US$3.1 billion owed to China, he said.
Chinese Foreign Ministry spokeswoman Hua Chunying said this wasn’t the first time a US official had been caught out on this kind of issue, though she gave no details.
“I hope that they can learn a lesson and reflect on things, and going forward not blurt things out again,” Hua said.
In June, Zambia decided to delay all planned borrowing indefinitely, slowing down the accumulation of new debt amid worries about the risk of debt distress.
President Edgar Lungu said last month that Zambia was committed to improving the transparency of its debt management and would ensure that debt levels remain sustainable.
The IMF rejected Zambia’s borrowing plans in February, saying they risked making its debt load harder to sustain.
Finance Minister Margaret Mwanakatwe said last month that the government plans to send a delegation to China by the end of this year to discuss Zambia’s debt and debt restructuring.
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