Country: Zambia
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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 ...
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 ...
It’s Eerily Quiet 24 Hours Before Zambia’s Bondholders Reveal Their Decision on Whether to Restructure the Country’s Debt
The Zambia External Bondholder Committee, a coalition of private creditors that own around 40% of Zambia's Eurobond debt, is expected to announce tomorrow whether they will approve the government's request for a six-month repayment delay on $3 billion of Eurobond notes. ...
What To Do About the Lack of Chinese Loan Transparency in Africa?
One of the central issues in the current Zambian debt crisis is a lack of transparency that makes it largely impossible for investors, policymakers, and constituents on all sides to know what's really going on. The Chinese government and creditors are among the worst in this regard. ...
Critical Zambian Bondholder Vote to Take Place Today
A coalition of Zambian bondholders is expected to cast their votes today (Wednesday) to decide on whether or not to grant the government a six-month repayment holiday on $3 billion of Eurobond notes, according to sources quoted by Bloomberg. Results are scheduled to ...
Wait. Is 11.11 is Actually a Thing in Zambia? Really?
Today is the most important day on the calendar for hundreds of millions of Chinese consumers, who are expected to buy an astonishing $45 billion worth of stuff in just 24 hours. Yes, that almost $2 billion AN HOUR. While Singles Day (named for being the anti-Valentine's ...
Africa, You’re On Your Own
Back in March, Ethiopian Prime Minister Abiy Ahmed was the first leader to sound the alarm that Africa's economies were "staring at an abyss" due to the financial crisis brought on by the COVID-19 pandemic. He rightly predicted that without urgent, large-scale assistance, ...
Reuters: Zambia Claims It’s Shared Chinese Loan Details With Bondholders, But Investors Say They’re Still in the Dark
The Zambian government, according to Reuters, says it's doing "everything possible" to avoid defaulting on billions of dollars of Eurobonds, including acceding to investor demands that it reveal the extent of its Chinese loan portfolio. “We’ve given all the information that needs to ...
Reuters: Bondholders to Reject Zambia’s Request for Debt Repayment Delay
A source close to the Zambia External Bondholder Committee, a coalition that holds the bulk of Zambia's $3 billion of Eurobonds, told Reuters that investors plan to vote against the government's request for a six-month repayment delay when the group convenes on November 13th.
Australia’s Billion Dollar Copper Export Business is Now in China’s Crosshairs, Can African Producers Get the Business?
Chinese media is hinting that copper may be the next Australian export to suffer from the worsening dispute between the two countries that began back in April when Canberra called for an independent investigation into the origin of COVID-19. Chinese authorities have already ...