Tag: Zambia
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Reaction to Zambia’s Eurobond Debt Default
News of Zambia's request to postpone payments on three Eurobond notes prompted immediate reactions from stakeholders in the financial services sector, economic policymakers and journalists. Here's a sampling of the reactions on Twitter: "Sad. It’s important to remember that (a) Zambia’s ...
Contrary to Popular Perception, Zambia’s Debt Problem is With Global Capital Markets Not China
Although China is by far Zambia's largest bilateral creditor, the total amount owed to Beijing is less than what Lusaka has to pay to Eurobond holders and various other private creditors. The outlook for 2022 is especially dire because sizable Eurobond repayments are due. ...
This is What Happens When an African Country Says It Can’t Repay Bondholders on Time
From the beginning of the COVID-19 economic crisis in Africa, African ministers have said repeatedly that they want to do everything possible to avoid a default on their commercial debt. Yesterday's announcement by the Zambian government that it will delay repayments ...
China and the Burgeoning African Debt Crisis
Over the last week we've reached two critical milestones that put the worsening African debt crisis into sharp focus: First, the good news. Angola appears to have reached an agreement with some of its major creditors at the International Monetary Fund ...
Forget About Oil, Cobalt is the Resource of the Future
Strong demand for electric vehicles in China and Europe is expected to bolster the output of cobalt and copper in the Democratic Republic of the Congo's mining sector. Today, the DRC is the Saudi Arabia or cobalt. 60-70% of the world's cobalt originates there and China is ...
The Country, the People, and the Debt
The news last week that South Africa has received a $4.3 billion loan from the IMF to help tide it over the COVID-19 crisis resulted in a revealing moment online. Rather than celebrating this lifeline to an economy that was already weak before the pandemic, ...
President Edgar Lungu Just Straight Up Asked Xi Jinping for Zambia’s Debts to be Cancelled
African appeals for Chinese debt relief have until recently been somewhat vague and indirect, at least publicly. Well, that changed when the spokesman for Edgar Lungu released details of Zambian president's call on Monday with his Chinese counterpart Xi Jinping. “President ...
Chinese Media Coverage of the Xi-Lungu Call Didn’t Say Anything About Debt Relief But Did Mention the One China Policy
Chinese official news coverage of Monday's call between President Xi Jinping and Zambian leader Edgar Lungu highlighted the stark disparity between the two countries' current political priorities. Neither the Xinhua news agency nor the China Daily ...
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Zambian President Edgar Lungu might have been surprised to hear that the big takeaway from his call on Monday with Xi Jinping wasn't debt relief or anything to do with COVID-19. In the unlikely event that he opened a copy of the China Daily newspaper on Tuesday ...
Chinese Immigrants in Africa Assimilate Far More Than You May Think
It's often widely assumed that Chinese immigrants in Africa prefer to isolate themselves from local communities and generally resist assimilation. That perception, though, is incorrect according to the findings of two leading scholars from Hong Kong, Yan Hairong and Barry Sautman, ...
Ed Cropley: China is Caught in a Zambia Debt Trap
Contrary to widespread perception, Zambia is not ensnared in any kind of Chinese debt trap, argues Reuters Breakingviews columnist Ed Cropley in a recent op-ed video published on the news agency's YouTube channel. Quite the opposite, in fact. If anyone's caught ...
China’s Unconventional Agricultural Assistance in Zambia
Daisy Kambandu, the country program manager for the Chinese-run Agricultural Technology Demonstration Center (ATDC) in Zambia, joins Eric & Cobus to discuss China's unconventional approach to agricultural assistance. In contrast to most traditional aid programs, ATDCs like the one near Lusaka ...