Country: Zambia
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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 ...
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 ...