赞比亚何以成为新冠疫情以来第一个主权违约的非洲国家

How Does Zambia Become Africa's First Sovereign Default Since COVID-19 Pandemic?

赞比亚是新冠疫情以来第一个主权违约的非洲国家,其双边官方债权人、多边官方债权人、市场债权人(包括主权债券和非主权债券)在新冠疫情暴发至赞比亚违约期间,分别采取了协调进化、维持现状和角色缺位等策略。以国际货币基金组织为代表的多边官方渠道“最后贷款人”角色缺位是造成赞比亚成为新冠疫情以来第一个主权违约的非洲国家的直接原因。赞比亚本轮债务问题的根源在于西方国际发展方案与赞比亚国情长期不匹配所引发的民粹主义施政纲领过度融资。赞比亚主权违约与减债协调过程显示出多元债权人关系正在使得发展中国家债务问题更为复杂化,这也是本轮国际减债协调与全球债务治理改革的核心问题。

Zambia becomes the first African country to default on its sovereign debts since the COVID-19 pandemic.Its bilateral official creditors,multilateral official creditors and market creditors(including sovereign bonds and non-sovereign bonds)adopt strategies such as coordinated evolution,status quo mainte nance and role absence during the period from the outbreak of the pandemic to Zambia's default.Among them,the role absence of the"lender of last resort"of multilateral official creditors represented by the IMF directly leads to Zambia's becoming Africa's first post-COVID sovereign default.The root of Zambia's debt burden lies in the excessive financing from the populism policy agenda caused by the longterm mismatch between Western international development plans and Zambia's national conditions.Zambia's default and debt relief process shows that multi-creditor relationship is making the debt crisis of developing countries more complicated,which is also the core issue of this round of international debt reduction and global debt governance reform.