Lenders urged to cancel Zambia debt as country faces economic collapse

The high cost of borrowing, local corruption and the pandemic have crippled Zambia’s finances. Photograph: Tsvangirayi Mukwazhi/AP

More than 100 economists and academics have urged international lenders to crisis-stricken Zambia to write off a significant slice of their loans during financial restructuring talks this month.

Zambia is seeking up to $8.4bn (£7.3bn) in debt relief from major lenders, including private funds run by the world’s largest investment manager, BlackRock, to help put its public finances back in order.