Will Zambia be first African nation to default during pandemic?

Zambia moved closer to becoming the first African nation to default on its dollar bonds since the onset of the coronavirus, making it a test case for nations worldwide battling to meet obligations to a range of lenders from bondholders to Chinese state banks. Holders of Zambia’s $3 billion of Eurobonds will vote next week on the country’s request for a six-month interest-payment holiday. A core croup of creditors have already rejected the proposal, prompting Zambia to say Tuesday it won’t be able to service its $3 billion of Eurobonds unless it gets the relief.