Zambia is currently dealing with an $80 million payment mistake made by its power utility, Zesco Ltd., to China. This incident occurred as the country is finalizing a debt restructuring agreement with the Chinese government.
Felix Nkulukusa, Secretary to the Treasury, referred to the transfer as an unfortunate error, highlighting the challenges of managing financial transactions during ongoing negotiations.
The payment was made from a securitized account that had been collecting revenues from electricity sales related to a power plant that was funded and built by Chinese companies.