Case No Country ZMB 1/2014 30/05/2014 Zambia AL Mandate(s) Summary of the allegation transmitted Foreign debt; Letter expressing concerns about increased reliance on deficit funding by the public sector in Zambia after the country’s debt was reduced through debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative in 2006. According to the information received, in November 2013, Zambia raised its external borrowing threshold significantly. Further, in April 2014, it placed 2014 USD 1 billion of sovereign bonds on international financial markets. Concerns are raised that there is a danger that the country may fall into a debt trap again if caution is not exercised in relation to borrowing, especially foreign-currency denominated borrowing on non-concessional terms. Reply A/HRC/27/72 76 Date Type