Tag: debt
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There’s Good News and Bad News About Kenya’s Ballooning National Debt
After Angola and Zambia, Kenya is high on the list of countries at risk of encountering severe debt distress due in part to extensive borrowing from China to fund major infrastructure projects like the Standard Gauge Railway and, more recently, its seemingly insatiable appetite for more debt. ...
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. ...
Zambia Stands to Benefit From Rising Copper Prices Due to Heightened Chinese Demand
While Zambia tries to figure out how if/how it plans to restructure its $12 billion debt portfolio, government coffers stand to benefit from resurgent copper prices, a major source of export earnings. The price of copper recently ...
Analyst: Zambia Owes More Than Double the $12 Billion to China and Other External Creditors
Zambia owes $27 billion to external creditors rather than the $12 billion figure that is widely circulated in the media, according to Brad Setser's reading of World Bank data on external debt. Setser, a senior fellow at the Council on Foreign Relations in New York, explained in ...
Chinese Envoy Pushes Back Against U.S. Criticism of Chinese Lending Practices in Africa
China's ambassador to South Africa, Chen Xiaodong, took a swipe at U.S. National Security Advisor Robert O'Brien's recent accusations that Chinese loans to African governments are predatory. Even though the event where O'Brien made the comments took place ...
Bloomberg Asks Zhao Lijian the $4 Billion Dollar Question About Its Zambian Loans: “Will China Opens Its Books?”
Foreign Ministry spokesman Zhao Lijian faced questions yesterday by a Bloomberg reporter as to whether Beijing would do more to help alleviate investor concerns over the lack of transparency of China's loans to Zambia. Zhao echoed a brief comment published on ...
New AidData Research Explains Why China Isn’t Fully Participating in the DSSI and Not Interested in Seizing Assets
Bradley Parks, executive director of AidData, discussed the preliminary findings of a new investigation into the terms and conditions of Chinese loan contracts around the world. AidData researchers studied 83 Chinese loan contracts to 21 low-and-middle income countries. The contracts involved the ...
When It Comes to the G20’s DSSI, China’s Playing by a Different Set of Rules
There's an enormous disconnect between how the Chinese are approaching the debt crisis in poor countries and the expectations of the world's legacy donors. People like World Bank President David Malpass seem befuddled as to why China is not fully supporting ...
Zambia Gets an Unexpected Reprieve From Bondholders, But Serious Concerns About the Country’s Debts to China Persist
Zambia's private creditors gave the embattled country an additional three weeks to come up with a plan on how to resolve its burgeoning debt crisis. A group of bondholders would have voted yesterday on whether to accept the finance ministry's request for a 6-month repayment ...