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Sri Lanka’s Creditors Demand Deal Details, Including With China

Sri Lanka's bilateral lenders, who agreed to restructure close to $6 billion in loans, have demanded "comparability of treatment" with other creditors, including China. A statement seen by AFP on Thursday read that the Official Creditor Committee (OCC), led by Japan, ...

Tang Xiaoyang on Why the U.S., Not China is to Blame for Africa’s Debt Problems

While many in the West still contend Africa's worsening debt crisis is largely due to excessive Chinese lending, Tsinghua University Professor Tang Xiaoyang argues that accusation just isn't true.  Instead, the well-known China-Africa scholar contends ...

A Primer on China’s Role in the Worsening Zambian Debt Crisis

Zambia's debt restructuring deal that was hailed earlier this year as a "landmark" breakthrough for developing countries is now in shambles. Talks broke down a couple of weeks ago when bilateral creditors led by China and France objected to the terms ...

Hichilema Promises (Again) Not to Favor Chinese Creditors in Zambian Debt Restructuring

President Hakainde Hichilema restated his longstanding commitment to deal with all of Zambia's creditors equally in a future debt restructuring deal and vowed not to give any preferential treatment to Chinese creditors. “What we don’t intend to do is to cross-subsidize ...

Zambia’s Bondholders Want More Info on IMF Deal, Renew Calls For All Creditors to be Treated the Same

Some of Zambia's bondholders are once again expressing impatience with the government's handling of its debt relief talks and they've gone public with their longstanding demands for greater transparency in the process and equal treatment for all creditors. "Inter-creditor equity should ...

Analysis from Cobus van Staden

BRICS Announces Numerous New Initiatives

The BRICS group wrapped up its two-day leaders’ summit in Rio de Janeiro on Monday. The summit’s final communique is a 16,000-word doorstop that covers numerous issues from economics to education.
The communique avoids any direct mention of the United States, and references to “unilateralism” and other coded criticism are also relatively scarce. Rather, the communique keeps the focus on the BRICS’ vision of the strengthening and reform of the global multilateral system ...

With an IMF Deal in the Bag, the Big Question is How Will Hichilema Handle Zambia’s Chinese Debts?

Zambian President Haikainde Hichilema (photo) got the news he was hoping for on Friday when the International Monetary Fund announced that it had granted preliminary approval for a $1.4 billion, three-year credit facility to the economically beleaguered country. President Hichilema's government ...

Debt Relief for World’s Poorest Countries Barely Mentioned at G20 Summit in Rome

Leaders from the world's wealthiest countries meeting in Rome over the weekend covered a lot of ground on everything from finalizing an agreement on a global minimum corporate tax to new climate-related commitments. But for a ...

Hichilema May Find Out Getting Elected Was the Easy Part, Fixing Zambia’s Debt-Ridden Economy Will Be a Lot Harder

A peaceful transfer of power took place in Lusaka on Tuesday when opposition leader Hakainde Hichilema (photo) became Zambia's seventh president in the post-colonial era. President Hichilema made clear right from the start that the economy, specifically reducing the country's heavy debt load, will be ...

Markets Optimistic Hichilema Will Resolve Zambia’s Debt Crisis

Global financial markets are telegraphing their relief that Zambian opposition leader Hakainde Hichilema decisively won last week's presidential vote and that he'll now have the necessary mandate to bring an end to the country's worsening debt crisis. Both Zambia's kwacha and ...

Zambia’s New President Has a Unique Opportunity To Reset Ties With China

Hakainde Hichilema's decisive election victory to become the eighth president of Zambia in the post-colonial era is a gust of good news that Africa and the world at large badly needed. His win is an endorsement of democracy in a region where we've seen so many other ...

Zambians Go to the Polls in a Tight Presidential Election with No China-Bashing, For Once

Ballots are now being counted in Zambia's general election that took place on Thursday. Presidential incumbent Edgar Lungu faces opposition leader Hakainde Hichilema in a contest that has been too close to call for weeks.  While Zambia's beleaguered economy and surging debt ...

Ghana President Akufo-Addo Calls For the Cancellation of All African Debts

Ghanaian President Nana Addo Dankwa Akufo-Addo issued an urgent call for immediate economic relief, including the total cancellation of all debts owed by African countries, during his address on Tuesday at the Summit on Financing African Economies. Without the ‘fiscal room to breathe,’ Africa could truly become ‘the forgotten continent, ...
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