Country: Zambia
Related Posts
Debt Standoff At IMF, World Bank Spring Meetings
Finance ministers from around the world have descended on Washington DC for the World Bank and International Monetary Fund’s Spring Meetings. The Chinese government has confirmed that a top-level Chinese delegation will attend in person -- the first time since the COVID pandemic.
IMF, World Bank Losing Patience With China Over Debt Relief Standoff
China's ongoing stand-off with multilateral lenders over debt relief terms for developing countries will be a prominent issue at International Monetary Fund and World Bank's annual week-long gathering known as the Spring Meetings that get underway on Monday in Washington, D.C. ...
African Leaders Push Back Against Western Media Narratives on China
While Vice President Kamala Harris worked hard to keep the focus on U.S.-Africa relations during her recent tour of the continent, reporters in the traveling press corps kept bringing up China -- much to the chagrin of her hosts in Ghana, ...
China’s CiEG Signs 2.4 Giga-Watts Power-Purchase Agreement With Zambia’s Zesco Amidst Debt Crisis
The Integrated Clean Energy Power Company Ltd (CiEG) of China signed a Power-Purchase Agreement (PPA) on Monday with the Zambia Electricity Supply Corporation (Zesco) for the generation of 2,400 Megawatts (MW) of renewable energy. In a statement from Peter Chibwe ...
African Leaders to Kamala Harris: We’re Going to Work With Both the U.S. and China
U.S. Vice President Kamala Harris is back in Washington, D.C., after wrapping up a week-long, three-nation tour of sub-Saharan Africa over the weekend. Before she left, Harris held a press conference on Friday with President Haikinde Hichilema, where she gently prodded China ...
China’s Small but Important Role in Ghana’s Debt Crisis
China's share of Ghana's $55 billion public debt is quite small at just $1.7 billion or 3% of the total, but Beijing nonetheless plays a critical role in Accra's efforts to revive its economy. The Ghanaian government needs China's support in ...
Zambia’s Debt Grows to $33 Billion as Restructuring Talks Stall and Interest Accrues
The Zambian Finance Ministry released its latest debt figures this week that reveals the painful cost that delays in restructuring are exacting on the economically-distressed country. The country's total public debt now stands at $32.8 billion, up $300 million since last ...
Harris Arrives in Zambia Where China Questions Will Loom Much Larger Than in Ghana
U.S. Vice President landed in Zambia on Wednesday for the second leg of a three-nation, week-long Africa tour. During her first stop in Ghana, the Vice President assiduously tried to avoid any reference to China despite persistent questions from the traveling ...
Chinese Central Bank Official Explains Why Beijing Is so Worried About Debt Restructuring
A senior official with the People's Bank of China, the country's central, provided new insights as to why Beijing is demanding that multilateral development banks (MDBs) also take losses on their loans to developing countries -- a key sticking point that has brought debt restructuring processes in several ...
China Should Not Compromise With Western Creditors in Zambian Debt Relief, Says Prominent Scholar
Zambia’s debt renegotiation is being delayed by barriers within China’s banking system and by Western pressure. So says Professor Tang Xiaoyang, a prominent expert on Chinese overseas development finance and the director of the Department of International Relations at Tsinghua University, in an interesting interview with the ...
IMF Head Kristalina Georgieva Will Go to Beijing in Bid to Break Debt Relief Impasse With China
International Monetary Fund Managing Director Kirstalina Georgieva will travel to China at the end of this week for a visit that will be closely watched by finance ministries throughout the Global South. The primary purpose of Georgieva's trip is to deliver keynote ...
China vs. the Multilateral Development Banks
There was a major breakthrough this week in China's months-long standoff with the World Bank, IMF and other multilateral creditors when Beijing agreed to fully back Sri Lanka's debt restructuring. The move now clears the way for Colombo to secure $2.9 ...