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WEEK IN REVIEW: China and Zambia’s Landmark Debt Deal
After nearly two years of painful, drawn-out negotiations, Zambia finally closed a deal to restructure its bilateral external debt. The announcement was made last week at a global development finance summit in Paris and the new agreement is widely seen as ...
Sri Lanka Gets Relief from World Bank as FM Walks a Careful China Line
The World Bank announced $700 million in budgetary and welfare support to Sri Lanka on Thursday. The news comes as Sri Lanka’s Foreign Minister Ali Sabry met with China’s Finance Minister Liu Kun and Exim Bank chair Wu Fulin to discuss China’s central role in his country’s debt restructuring. ...
Zambia’s Landmark Debt Deal Highlights China’s Success in Setting New Rules for Development Finance
Zambian President Haikinde Hichilema looked visibly relieved following Friday's announcement that the country's creditor committee had finally reached an agreement to restructure $6.3 billion of bilateral external debt. The deal that took more than two years to finalize was unveiled by ...
Investors Cautiously Optimistic About Zambia Debt Deal, But Still Wary About China’s Role
Investors welcomed the news of Zambia's debt restructuring deal with a mini rally on Friday in the country's dollar-denominated bonds. Government bonds from Ghana, Pakistan and Sri Lanka also saw similar bumps prompted by new optimism their debt restructurings will follow Zambia's example.
Chinese Media Noticeably Quiet on Zambian Debt Deal
Most major financial news outlets in the U.S. and Europe featured prominent coverage of Friday's landmark Zambian debt restructuring deal but the story was barely mentioned in China. The official state-run Xinhua news agency published a short summary of the announcement but, ...
Hichilema Refutes Western Accusations China Was to Blame for Delays in Zambia’s Debt Restructuring
Zambian President Haikinde Hichilema rejected longstanding accusations by Western governments and institutions that China was to blame for how long it took to reach a debt restructuring agreement. The president told Bloomberg TV after the deal was announced on Friday in ...
Backgrounder: Why China Matters So Much at the Summit for a New Global Financing Pact
In Paris, all eyes are on Chinese Premier Li Qiang, representing the People’s Republic at this week’s Summit for a New Global Financing Pact. China’s rise is perhaps the most important mega-trend that led to the current rethinking of the global development finance system, but it remains ...
WSJ: Shanghai-Based New Development Bank “Fighting For Its Very Survival”
The Chinese-initiated New Development Bank (aka "BRICS Bank") is reportedly facing a severe liquidity crisis as Wall Street has backed away from supporting a bank that's 20% owned by Russia, according to a report in the Wall Street Journal. That's made ...
U.S. Treasury Secretary, Chinese Premier Both Scheduled to Attend Global Financial Conference in Paris
U.S. Treasury Secretary Janet Yellen and Chinese Premier Li Qiang are both scheduled to attend the Summit for a New Global Financial Pact in Paris next week, where debt relief for the world's poorest countries is expected to be high on the agenda.
“Whining is Not Competing,” Says Top DC Foreign Policy Scholar in Response to Biden’s BRI Remarks
U.S. President Joe Biden's latest criticism of China's Belt and Road Initiative as a "debt and confiscation program" triggered an intense debate in Washington's foreign policy community over whether it was merited. Soon after the President made the remarks during a ...
What Happened in New York is a Reminder Climate Change Isn’t Just a Global South Problem
By Lukas Fiala Looking out the window of my hotel room in New York City this week, I couldn’t help but feel a certain apocalyptic reckoning. Due to raging wildfires in Canada, the city that’s home to the world’s most ...
Proposed New York Law Could Reshape Debt Negotiations Around the World
A bill currently under consideration in New York State could reshape sovereign debt renegotiations around the world by making private creditors accept the same losses as the U.S. government would as a sovereign creditor instead of holding out for a full payback.