Zambia received a 'debt-for-nature swap' proposal as part of its $13 billion restructuring discussions, a move that while complex to secure and not part of current talks, could set an eco-friendly precedent for other debt crises if eventually included.
Zambia has become a test case for the G20-led 'Common Framework' restructuring vehicle launched during the COVID-19 pandemic, butwith some of its main creditors about the debt relief required means progress has been slow.
In their simplest form, debt-for-nature swaps replace expensive bonds or loans with cheaper financing, usually with the help of a credit guarantee from a multilateral development bank. Its vast swathes of national parks are home or migration routes for some of Africa's most impressive wildlife including lions and elephants. Their habitats, though, are under increasing threat from climate change and deforestation.
The idea has not been factored into the International Monetary Fund's current debt sustainability analysis but that wouldn't prevent it being added later, especially if creditors made it clear that they might back it.
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