Zambia could become the first country to default on its debts amid the fallout from Covid-19, but it won’t be the last
Zambia is running out of money to pay its debts. It has asked bondholders for breathing space so that it can put a restructuring plan in place. The copper-rich African state is at risk of being the first country to default on its debts since the start of the coronavirus pandemic.
But not the last. Zambia is the canary in the coalmine, a harbinger of a full-blown crisis that has been lurking in the background from the moment the full seriousness of Covid-19 became apparent.