“Private lenders and other governments lent to Zambia at high interest rates and at high risk,” Alex Muyebe, chairman of the Zambian Civil Society Debt Alliance, said in an emailed statement.  “Lenders need to accept they lent recklessly and agree a large-scale debt cancellation to allow the people of Zambia to tackle multiple external crises.”

Zambia needs to secure an IMF economic program to complete a debt restructuring under the Group of 20’s Common Framework for debt treatment. The nation owes external lenders about $17 billion, including debts of its state-owned companies, with more than one-third of that owed to Chinese entities, according to the Zambian finance ministry. Jubilee doesn’t include state companies in its calculations.

President Hakainde Hichilema, who won power in August, has pledged to secure an IMF program and complete a transparent and fair debt restructuring as a priority.