The Zambian government pays out $300 million after passing a law that allows pensioners to collect 20% of their benefits early.
As with many other BRI client states, Zambia found it difficult to obtain loans from other sources because its Chinese loans were secretive and repayment terms were opaque. Other lenders are reluctant to get involved with Belt and Road countries because they fear China’s huge loans will be given repayment priority over all other creditors.
Zambia’s President Edgar Lungu shake hands with China’s President Xi Jinping before their bilateral meeting at the Great Hall of the People on September 1, 2018 in Beijing, China. This made Zambia’s decision to allow substantial early pension withdrawals somewhat curious since the IMF tends to impose “austerity” restrictions on insolvent governments and the pension plan predictably ballooned into a massive expense.the NPSA had paid out roughly 2.5 billion kwacha to early pension claims at the beginning of May. Bloomberg News reported that by the end of May, that figure spiraled to 5.8 billion kwacha, or nearly $300 million.
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