Tag: debt
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Bondholders Reject Zambia’s Request to Delay Repayments Due to Concerns Over How Much Government Owes China
Zambia's burgeoning debt crisis got a whole lot worse on Friday after a committee representing bondholders rejected the government's request for a six-month repayment holiday on about $3 billion of Eurobond notes. The committee represents 14 international financial ...
IMF and World Bank Leaders Say the World’s Debt System is Broken and in Need of Urgent Repair
Leaders from the International Monetary Fund and the World Bank, including IMF chief Kristalina Georgieva, declared that the current "debt architecture" is broken and needs urgent action to prevent a full-blown crisis in some of the world's poorest countries. "The ...
China, Bondholders, and the Worsening African Debt Crisis
The debt crisis in Zambia got a lot worse this week after bondholders refused the government's request for a 6-month repayment delay. Those private creditors said they're frustrated by the government's lack of transparency about the total amount of debt ...
Letter to the Editor: Why China Will NOT Seize the Port of Mombasa if Kenya Defaults on SGR Debt
Hi Eric, Just caught this statement [in your September 28 column "China Faces a Critical Test": "And let’s not forget that, should Kenya Railways default on the Nairobi-to-Mombasa SGR loan, there's always the Port of Mombasa that serves as collateral"] ...
African Leaders Renew Calls for Urgent Debt Relief and Financial Assistance
Leaders from several of Africa's largest countries including South Africa, Kenya, and Ethiopia renewed their urgent appeals on Tuesday for debt relief, debt cancellation, and immediate financial assistance from the international community to help support economies across the continent ...
Tanzanian Official Publicly Mocks Kenya For Taking Huge Loans From China to Build the Standard Gauge Railway
A video of an unnamed Tanzanian official mocking Kenya for borrowing so much money from China to build the Standard Gauge Railway went viral in East Africa this week. "I do not want to mention ...
Who’s Next to Fall? Moody’s Points to Mozambique
In the wake of Zambia's default on a portion of its private creditor debt and the subsequent downgrade by international credit ratings agencies, investors are scanning the map to see which country will tumble next. According to the global ratings agency Moody's Investors Services, Mozambique is a ...
In the Aftermath of Zambia’s Default, Fitch Warns Four Other African Countries Could Soon Follow
One of the world's major credit ratings agencies, Fitch Ratings, issued an ominous warning that last week's downgrade of Zambia's will likely not be the last in Sub-Saharan Africa. In an article published on its website yesterday, the agency highlighted Angola, the Republic of ...
COVID-19’s Unanticipated Outcomes
The recent announcement that Zambia will default on several of its Eurobond notes, and the indication from ratings agencies that several other African countries are in similar danger are just the latest indicators of how the economic crisis kicked off by the pandemic is impacting African economies. ...
QZ Africa Editor Yinka Adegoke on the Current State of China-Africa Relations
There've been major developments over the past week in the African debt crisis. It appears that Angola and China reached a consensus on how to restructure the estimated $20 billion of loans that Luanda owes Beijing. This deal then paved ...
Letter to the Editor: Defending the Interests of Africa’s Private Creditors
Hi Mr. Olander, I work as a sovereign credit analyst at a private buy-side financial firm - I research the Sub-Saharan (and Middle East/North Africa) regions, and as such your content enriches my understanding of the countries in which we invest. ...
G7 Finance Ministers Openly Frustrated With China on Debt Relief
Debt relief for developing countries is emerging as the latest front in China's rapidly escalating confrontation with the U.S, European countries, and Japan. Finance ministers from many of those countries, representing the Group of 7 (G7), met on Friday to discuss debt relief initiatives for ...