Zambia's default fuels fears of African 'debt tsunami' as Covid impact bites

Aid agencies say debts should be restructured or cancelled due to the pandemic and warn other countries could follow

Zambia has become the first African country to default on its debts since the pandemic, leading to fears that a debt tsunami" could engulf the continent's most heavily indebted nations as the financial impact of coronavirus hits.

A hastily-arranged G20 finance minister meeting in Saudi Arabia failed to sort out Zambia's debt, after the southern African country missed a $42.5m (32m) coupon payment on its bonds in October. Missing another payment on 14 November meant a technical default.