Yellen Arrives In Zambia To Discuss Debt, China and Health

U.S. Treasury Secretary Janet Yellen arrived in Zambia yesterday on the next leg of her tour of Africa.

Today she will be in the capital to meet with President Hakainde Hichilema and finance minister Situmbeko Musokotwane to discuss Zambia’s debt.

During an interview on Saturday in Senegal she said, “Many African countries are now plagued by piling, unsustainable debt. And that’s undeniably a problem. And much of it is related to Chinese investments in Africa.”

Ms Yellen is due to embark on a number of tours which showcase Zambia’s economic potential.

This included a tour of Mylan Laboratories, part of the American pharmaceutical manufacturer Viatris.  

The laboratory, which opened in 2010, manufactures drugs to treat malaria and HIV.

She is also set to visit the prestigious Zambia National Public Health Institute. 

The Treasury Secretary is visiting the region to promote American investment in Zambia.

Recently, China has been a significant investor within the country, however, Ms Yellen has insisted that the trip is not about competition.

She stated that “We want to deepen our engagement,” she said, “We see a rapidly growing young population that needs opportunities and economic growth.”

Further, “We have many government programs and international programs that are oriented to help efforts to build infrastructure," she outlined. “And when we do that, we want to make sure that we don’t create the same problems that Chinese investment has sometimes created here.”

Photo: The Associated Press