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Kenya Treasury Secretary: “We Don’t Want to Give the Impression We Are Straining in Any Way”

The alarming headlines in today's Kenyan newspapers about the country's apparent inability to repay some of its debts contrasts sharply with the message conveyed by Cabinet Secretary for National Treasury Ukur Yatani in an interview with Bloomberg's Africa bureau chief David Malingha:

Allianz Research: Africa, Americas Had Better Brace for a “China-Less Recovery”

China is turning inwards and will slow its economic engagement in emerging markets in Africa and Latin America in the post-COVID-19-era, according to new analysis from the research arm of the German financial services giant Allianz. The report ...

The Challenge of Responding to the Zambian Crisis

Zambia’s slow creep towards an official default is raising a lot of discussion about how to avoid this kind of crisis from spreading. Not surprisingly, much of this focus is falling on China, and rightly so. China’s insistence on handling successive troubled loans on an opaque case-by-case ...

As Zambia Nears Default, Analysts Examine What Went Wrong

Although Zambia missed a $42.5 million bond payment on November 14th, and effectively defaulted on that portion of its debt, it's still technically not in default yet. It will probably officially cross that line within the next few days, making it the first African country this year ...

Zambia Central Bank Gov: Equal Treatment to Blame for Default

Zambia's Central Bank Governor Christopher Mvunga said the need to treat all of its creditors equally is the reason why the government couldn't repay bondholders a $42.5 million interest payment that was due last Saturday. “One of the conditions is that all creditors have to be treated equally. ...

Who’s to Blame For Zambia’s Debt Crisis? Don’t Just Point the Finger at China Says Zambian Scholar

Zambian economist Grieve Chelwa took aim at the international financial services industry and governments in the U.S. and Europe in a scathing editorial published today in South Africa's Mail & Guardian newspaper.  He vented his frustration over how the story of ...

Zambia’s Default Sparks Renewed Concerns Over High Levels of Chinese Debt in Some African Countries

Zambia's default over the weekend on a portion of its Eurobond debt prompted renewed concerns about the lack of transparency in Chinese lending and whether weak governance systems in a number of African countries are up to the challenge of managing the burgeoning financial crisis.

NGO: The UK, Not China is the Biggest Obstacle To Zambian Debt Relief

The next stage of the Zambian debt default crisis may play out in a London court. NGOs like Oxfam and the Jubilee Debt Campaign contend that because the vast majority of Eurobonds are covered by English law, ...

China Exim Bank Defers Zambian Loan While Lusaka and Bondholders Go At Each Other Following Debt Default

The Zambian finance ministry announced that it has reached a deal with the China Exim Bank to defer the repayment of loans totaling $110 million that were scheduled to come due through the end of 2021. ...

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 ...
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