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Day: November 16, 2020

With China on Their Minds, Zambia’s Bondholders Reject Appeal for Repayment Extension

Zambia on Saturday became the first African country this year to default on a portion of its debt after a coalition of bondholders refused the government's request for a 6-month repayment holiday.  The government said it cannot pay the $42.5 million ...

Debt Crisis? What Debt Crisis? In China, There’s No Coverage or Commentary About Zambia

It appears that China's censors have moved to restrict media coverage of the ongoing debt crisis in Zambia. A search of major news sites, the market-leading Baidu search engine, and the social media platform Weibo came back with no results related to current events unfolding in the ...

Analysts Differ on What Happened in Zambia and China’s Role in the Burgeoning Debt Crisis

The refusal by a coalition of Zambia's bondholders to provide the government with a 6-month repayment holiday on $3 billion of Eurobond notes followed by the subsequent default on those debts, sparked a considerable reaction in Africa and internationally -- but none among Chinese stakeholders.

Letter to the Editor: The Zambian Debt Crisis as Seen by a “Concerned Citizen”

Hi Eric and Cobus, Being a Zambian living in Zambia, I've observed with interest your coverage of the looming credit default by Zambia on its debt repayments to bondholders. You've mostly looked at it in the context of the COVID-19 induced ...

What Happens if Zambia Defaults on Its Debt To China and Other Lenders?

BBC Africa journalist Jameisha Prescod produced a short, five-minute explainer on what Zambia can expect next, following its announcement that it would be unable to meet a Saturday repayment deadline on $3 billion of Eurobond notes owed to private investors. Prescod ...

Analysis from Cobus van Staden

Chinese Foreign Minister to Lead UN Security Council Meeting on Gaza

Wang Yi, China’s Minister of Foreign Affairs, will chair a UN Security Council (UNSC) meeting in New York on the ongoing crisis in Gaza.
China, the current UNSC president, called the meeting scheduled for November 29. It comes as the two sides are looking into extending the temporary ceasefire that started last week to allow for the return of further Israeli hostages and Palestinian detainees.

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Understanding the True Extent of Zambia’s Total Debt

There's been a lot of confusion in recent weeks about just how much Zambia owes its creditors. Most international news coverage focuses on the amount of external debt, believed to be around $12 billion, but that's less than half of what the country owes when other creditors ...

While Zambia’s Financial Crisis Unfolded on Friday, President Edgar Lungu and Ambassador Li Jie Visited a Blueberry Farm

In a somewhat odd bit of optics, two central players in Zambia's simmering economic crisis, President Edgar Lungu and Chinese ambassador Li Jie, were seen together on Friday inspecting a blueberry farm in Lusaka's Chongwe district. Neither seemed visibly concerned about ...

What Did We Learn From Zambia’s Eurobond Default?

As expected for months, Zambia now has the dubious distinction of being the first African country this year to default on a portion of its debt. While many have framed Zambia's failures as a consequence of the ongoing COVID-19 pandemic, many analysts have pointed ...