Tag: debt restructure
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G20 Wraps Up Summit With Lots of Promises But Very Little Concrete Action on Debt Relief
Debt relief for the world's poorest countries was high on the agenda at this weekend's Group of 20 summit organized by Saudi Arabia. The conference ended on Sunday with what's become standard promises to expand its Debt Service Suspension Initiative (DSSI) and calls ...
China Claims It’s Done More to Relieve Developing World Debt Than Any Other G20 Member
Chinese Finance Minister Liu Kun provided a robust defense of Beijing's participation in the G20's Debt Service Suspension Initiative and said his government is doing more than any other in the group in providing billions of dollars of debt relief to the world's poorest countries.
China and the G20’s New “Common Framework” For Debt Relief
One of the highlights from the latest G20 summit was the group's endorsement of a so-called "common framework" that would create a set of standards for countries not eligible for the Debt Service Suspension Initiative (DSSI). Officials at the U.S. Treasury who championed the idea said the ...
Let’s Stop Pretending the G20 Actually Matters Anymore
The Group of 20 wrapped up yet another high-profile summit on Sunday that will once again disappoint anyone looking to the world's wealthiest countries for leadership in resolving the developing world's burgeoning debt crisis. The final communiqué basically repeated the same, ...
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 ...
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. ...
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 ...
The G20 is Going to Try One More Time to Get Everyone Together to Come Up With a Debt Relief Plan for Poor Countries
Finance Ministers and central bankers from the Group of 20 will convene an extraordinary meeting on November 13th in a bid to come up with a more robust debt relief plan for the world's poorest countries. A couple of weeks ...
The China Development Bank’s Debt Deferral in Zambia is a Good Start, But It’s Not Enough
The China Development Bank's (CDB) announcement yesterday that it will allow Zambia to push back an interest payment that was due last Sunday to next April was an unexpected development. After all, we haven't seen China's powerful policy banks publicly demonstrate ...
Zambia Reaches Debt Deferral Agreement With China Development Bank
Zambia's Secretary to the Treasury Fredson K. Yamba announced that his office has reached a debt restructuring agreement with the China Development Bank on one of its loans. It's important to note that the statement explicitly mentions a single loan and does not refer to CDB's broader loan portfolio ...
18 Days and Counting Until Zambia’s D-Day (aka Debt Day)
In less than three weeks, a group of Zambian bondholders, mostly in New York and London, will reconvene to vote on whether or not to approve Lusaka's request for a six-month repayment holiday on about $3 billion of Eurobond notes that are coming due. ...