Country: Zambia
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China to Join Zambian Creditor Committee Says IMF Head Georgieva
After months of inaction, there's word now of an important breakthrough in restructuring Zambia's ballooning $32 billion debt. China, widely perceived as the lone holdout, has finally agreed to join a multi-party creditors committee, according to IMF Managing Director Kristalina Georgieva during the group's Spring Meetings that took place last ...
China’s Decision to Join Zambian Creditor Committee is Well Received Albeit With Some Skepticism
There was a wide range of reactions to China's decision to become a member of a new Zambian creditors committee that will convene with the aim of restructuring the African country's $17 billion external debt. The initial response from some African ...
For the First Time in a Really Long Time, a Chinese Vaccine Shipment Arrived in Africa
China's newly-arrived ambassador to Zambia, Du Xiaohui, led a handover ceremony this weekend for a shipment of 600,000 COVID-19 vaccines. This is the first large-scale delivery of COVID jabs to Africa from China in a very long following a massive plunge in distributions late last year. ...
World Bank Chief Calls for New Debt Resolution Tools, Blames China for Debt Crises
David Malpass, the president of the World Bank, again singled out China in calling for new debt restructuring mechanisms to help the developing world. Malpass and the International Monetary Fund’s managing director Kristalina Georgieva told reporters that rising interest rates are exacerbating a debt crisis among developing countries already ...
China ‘Coming on Board’ Zambian Debt Talks: Treasury
Felix Nkulukusa, Zambia’s treasury secretary, confirmed discussions are now underway within the Chinese government about restructuring Zambian debt, as the African country grapples with the aftermath of its November 2020 default. This follows comments last week by Vicky Ford, the UK Minister for Africa, that ...
Financial Mega Firm BlackRock, China Both Blamed For Slowing Zambia’s Debt Restructuring Process
Zambia's burgeoning debt crisis is once again in the spotlight as stakeholders exchange blame over who's responsible for blocking a comprehensive deal to restructure the country's $17.3 billion of external debt. Anti-poverty activists are accusing BlackRock, the $10 trillion asset management ...
China Went on a Three Day African Diplomatic Blitz to Rally Support For Its Stance on Ukraine
Chinese President Xi Jinping and Foreign Minister Wang Yi wrapped up a three-day flurry of meetings on Sunday with counterparts from four African countries. Although each of the meetings, according to readouts, addressed a wide range of topics, China's controversial stance on the war in Ukraine emerged ...
U.S. Senator Marco Rubio Plays Fast and Loose with the Facts in Condemning China’s BRI
Few other stakeholders in the U.S. despise China as much as Florida Senator Marco Rubio. He's now among Beijing's fiercest critics in Washington (which is quite an accomplishment, given how confronting China has become something of a pastime in the U.S. capitol.) He's been particularly strident about ...
Hichilema Promises (Again) Not to Favor Chinese Creditors in Zambian Debt Restructuring
President Hakainde Hichilema restated his longstanding commitment to deal with all of Zambia's creditors equally in a future debt restructuring deal and vowed not to give any preferential treatment to Chinese creditors. “What we don’t intend to do is to cross-subsidize ...
WEEK IN REVIEW: It’s Now Possible to Transport Cargo From Uganda to Kenya’s Port of Mombasa
The long-held dream of transporting goods between Uganda and the Port of Mombasa became a reality on Monday with the inauguration of a new rail line that connects Kenya's Standard Gauge Railway (SGR) with a newly refurbished meter gauge line in Uganda. This is a pared-down version of the ...
Unlike Many Other African Currencies, the Zambian Kwacha Had a Great 2021, Buoyed by Hope for a Debt Deal
While currencies like the Kenyan shilling and the Nigerian naira lost value in 2021, the Zambian kwacha enters the new year with some serious momentum. The kwacha surged 27% last year, mostly on the hope that President Hakainde Hichilema will turn around the economy ...
Zambia’s Bondholders Want More Info on IMF Deal, Renew Calls For All Creditors to be Treated the Same
Some of Zambia's bondholders are once again expressing impatience with the government's handling of its debt relief talks and they've gone public with their longstanding demands for greater transparency in the process and equal treatment for all creditors. "Inter-creditor equity should ...