Country: Zambia
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Why China’s Cutting Back on Overseas Lending
It's going to be much more difficult for countries in Africa and other developing regions to borrow money from China. New research from Boston University's Global Development Policy Center reveals a sharp drop in overseas lending by the ...
The Once Frenetic Debate Over Chinese Debt in Africa Has All But Disappeared
China's top diplomat for sub-Saharan Africa, Wu Peng, posted a tweet today that restated China's often-repeated position about its commitment to implement the G20's Debt Service Suspension Initiative and to help "alleviate debt pressure on African countries." It's not ...
The Bondholders’ View of the African Debt Crisis
The ongoing debt crisis in Zambia and several other African countries is proving to be much more difficult to resolve than in previous years because of the expanded role of both Chinese lenders and bondholders. Both of these creditors have starkly ...
It’s Not All Gloomy
The last few weeks have been marked by a pervasive gloominess about Africa's future. As Zambia was defaulting on its Eurobond debt, the G20 was praising itself effusively for coming up with a debt response unlikely ...
China’s Role in Africa’s Economic Transformation
Over the past 20 years China has played a pivotal, arguably indispensable role in Africa's economic development. China is by far Africa's largest bilateral trading partner, a major source of foreign investment and a vital player in helping Africa to close ...
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 ...
China Claims It’s Done More to Relieve Developing World Debt Than Any Other G20 Member
Chinese Finance Minister Liu Kun provided a robust defense of Beijing's participation in the G20's Debt Service Suspension Initiative and said his government is doing more than any other in the group in providing billions of dollars of debt relief to the world's poorest countries.
Dissecting the Zambian Debt Crisis and What Role China, Private Creditors Played
One week after Zambia failed to meet a deadline to repay $42.5 million on some of its Eurobond debt, African and international media are examining what went wrong and who precisely is to blame. In an appearance ...
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. ...
China’s Top SSA Diplomat Praises Zambia-Exim Bank Deferral Deal, Makes No Mention of Default
China's top diplomat for sub-Saharan Africa, Wu Peng, issued the first comment by any Chinese official on the Zambian debt crisis since the country defaulted on a bond payment last Saturday. Wu noted the China Exim Bank's $110 million debt deferral deal that took ...
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 ...