Country: Zambia
Related Posts
Rays of Hope Following China Settlement in Sri Lanka
China’s commitment to supporting Sri Lanka’s debt restructuring in line with other bilateral creditors is a major step towards securing a rescue package from the International Monetary Fund. However, it’s still unclear how negotiations will proceed, as the country suffers from food and ...
Stand-off Between China and Western Creditors Leading to Unprecedented Delays In Debt Relief for Poor Countries
Just ten years ago, it usually took less than two months for a debt-distressed country to get a sign-off from the International Monetary Fund for emergency financial relief, but that is no longer the case, according to new data compiled by Reuters.
China’s Premier Promises IMF Chief “Constructive” Cooperation on Debt
Chinese Premier Li Keqiang told the head of the International Monetary Fund that China is open to participating “in a constructive manner” with debt restructuring efforts. During a call with IMF Managing Director Kristalina Georgieva, Li said: “China is willing to take ...
China Sticks to Its Position That Its Not to Blame for Delays in Zambia’s Debt Restructuring Process
Any hope China would soften its hardline position on debt restructuring following last weekend's talks among G20 finance ministers was dashed on Monday when Foreign Ministry Spokesperson Mao Ning restated Beijing's longstanding demand that multilateral creditors also take losses on their loans to developing countries. ...
IMF Head Flatly Rejects China’s Call for Multilateral Development Banks to Take Losses on Loans: “Not Possible”
International Monetary Fund Managing Director Kristalina Georgieva flatly rejected China's demand for multilateral development banks (MDBs) to accept losses or "haircuts" for loans to the world's poorest countries. "Not possible" she bluntly declared in an interview with Bloomberg following this weekend's ...
Another $4 Billion on the Table? The Role of China’s Sinosure in Africa’s Debt Negotiations
By Oyintarelado Moses On February 17, 2023, the International Monetary Fund (IMF) convened a roundtable discussion on sovereign debt restructuring, bringing together creditor and debtor stakeholders involved with ongoing and upcoming debt restructurings. Leading ...
China Sticking to Its Position That Multilateral Banks and Bondholders Must Also Take Losses on Sri Lankan Debt
The Chinese government re-stated on Wednesday that it will not move forward with the Sri Lankan debt restructuring process unless both commercial creditors and multilateral development banks also agree to accept losses on their loans. Ministry officials told Reuters that Spokesperson ...
FT Reporting Error Sparks Widespread Confusion Over Zambia’s Views on China’s Role in Debt Restructuring Process
Botched reporting in a Financial Times article on Zambian debt made clear how nervous China’s push for the World Bank and other multilateral financers to accept losses as part of debt restructuring is making international stakeholders. In its corrected form, the report quotes ...
FT Report Provokes Strong Response From U.S., UK Analysts Over China’s Duel With Multilateral Development Banks
FT’s claim (subsequently walked back) that the Zambian Finance Minister rejected China’s call to include the World Bank and other multilateral lenders in debt restructuring triggered responses from prominent commentators across Twitter. The reactions give an interesting glimpse into the complications raised ...
Yellen Defends Bretton Woods Institutions Against Challenge From China, Accused Beijing of Acting as “Roadblock” in Zambia
U.S. Treasury Secretary Janet Yellen forcefully defended the primacy of the Multilateral Development Banks (MDBs) in response to China's demand that the World Bank and the International Monetary Fund also take losses on their loans to developing countries. Yellen called for sweeping reforms ...
New Copper/Cobalt Trade Corridors Take Shape to Serve as Alternative to South Africa
Zambia, the Democratic Republic of Congo, and Angola will set up an agency to manage a logistics corridor linking them to Angola’s Lobito port. The move comes as South Africa's Durban port has faced repeated delays. A concession to manage the corridor was recently ...
China is Pushing For a Major Change in Global South Debt Restructuring
The Chinese government provided its first official confirmation that it will provide Sri Lanka with a two-year debt repayment moratorium on $2.83 billion of loans owed to The China Exim Bank. Foreign Ministry spokesperson Mao Ning's statement on Friday was intended, in part, ...