Tag: debt
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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 ...
Kenya’s State-Run Companies Buckling Under Too Much Debt
Three of Kenya's largest state-backed enterprises are showing signs of significant distress amid mounting debts, declining revenues, and a weakening currency. Chinese loans play a critical role in two of the firms, Kenya Railways Corporation and Kenya Power, while the third, Kenya Airways, does not appear to ...
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 ...
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 ...
What Happens if Zambia Defaults on Its Debt To China and Other Lenders?
BBC Africa journalist Jameisha Prescod produced a short, five-minute explainer on what Zambia can expect next, following its announcement that it would be unable to meet a Saturday repayment deadline on $3 billion of Eurobond notes owed to private investors. Prescod ...
Understanding the True Extent of Zambia’s Total Debt
There's been a lot of confusion in recent weeks about just how much Zambia owes its creditors. Most international news coverage focuses on the amount of external debt, believed to be around $12 billion, but that's less than half of what the country owes when other creditors ...
Latest World Bank Debt Report Prompts Renewed Concern About Kenya, Ethiopia
Journalists and analyst have been poring through the World Bank's latest report on global debt that was published last month. Two African countries in particular, Kenya and Ethiopia, stand out. The report examined external debt accumulation among ...