Together, they discuss the war in Ukraine and global debt management.
Secretary of the Treasury Janet Yellen traveled to Zambia early in the week, where she met with Zambian President Hakainde Hichilema to discuss the global flow of money in the country, particularly with regard to COVID-19, the impacts of Russia’s war on Ukraine, and reckoning with Zambia’s national debt.
Zambia agreed to take out a number of loans from China in 2015 to help the country rise out of poverty. But during the pandemic, they were the first sovereign nation to default on their governmental debt when they failed to pay China $42.5 million in November 2020. Secretary Yellen is in ongoing discussions with the country to strategize how best to deal with the debt load before their state of poverty is made near-permanent.
“I greatly appreciate the opportunity to exchange views with President Hichilema here in Zambia, and for his warm welcome and hospitality,” said Secretary Yellen. “I look forward to our conversation and continued work to strengthen our bilateral economic integration.”
As the Lord Leads, Pray with Us…
- That this meeting will draw global leaders closer to an attainable solution for Zambia’s financial stability.
- For God to direct Secretary Yellen and her efforts to lift up the United States and her allies.
- For the Treasury Department as they find the best ways to navigate America’s debt and leverage America’s wealth.
Sources: Department of the Treasury, AP News
