Country: Zambia
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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, ...
The Growing China-Africa Information Divide
A heated discussion about the merits and dangers of Chinese loans to Africa is now taking place in the aftermath of last weekend's landmark debt default in Zambia. Analysts, finance professionals, journalists, activists, and various other stakeholders across Africa, the U.S., Europe, and elsewhere are all working ...
The View From Washington on the Future of U.S.-Africa-China Relations
There's an emerging consensus in Washington, D.C. that a future Biden foreign policy towards Africa is probably going to look a lot like the policies enacted by the Obama administration. Two aspects of this new/old approach stand out from what the ...
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 ...
Debt Crisis? What Debt Crisis? In China, There’s No Coverage or Commentary About Zambia
It appears that China's censors have moved to restrict media coverage of the ongoing debt crisis in Zambia. A search of major news sites, the market-leading Baidu search engine, and the social media platform Weibo came back with no results related to current events unfolding in the ...
Analysts Differ on What Happened in Zambia and China’s Role in the Burgeoning Debt Crisis
The refusal by a coalition of Zambia's bondholders to provide the government with a 6-month repayment holiday on $3 billion of Eurobond notes followed by the subsequent default on those debts, sparked a considerable reaction in Africa and internationally -- but none among Chinese stakeholders.
Letter to the Editor: The Zambian Debt Crisis as Seen by a “Concerned Citizen”
Hi Eric and Cobus, Being a Zambian living in Zambia, I've observed with interest your coverage of the looming credit default by Zambia on its debt repayments to bondholders. You've mostly looked at it in the context of the COVID-19 induced ...
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 ...