Tag: Zambia
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Why Africa Shouldn’t Count on Janet Yellen for Debt Help
U.S. Treasury Secretary Janet Yellen is in Africa touting the Biden administration’s reenergized Africa policy. Her visit comes as several African countries are struggling with debt distress and Zambia and Ghana have officially defaulted. Debt’s prominence as a talking point is somewhat awkward, considering ...
India’s External Affairs Minister Heads to Sri Lanka After China Sends Positive Signals on Debt Deal
The Sri Lankan government is now on the verge of closing a deal to secure a $2.9 billion emergency financial package from the International Monetary Fund following new assurances from its two largest bilateral creditors, India and China. Colombo got the desperately ...
U.S. Treasury Secretary’s Africa Tour Takes on China, Debt
U.S. Treasury Secretary Janet Yellen is heading to Africa for a 10-day trip to Senegal, South Africa and Zambia. The continent’s green transition will feature prominently, with Yellen visiting South African coal country to champion the implementation of an $8.5 billion deal, ...
Ghana Becomes Latest Global South Country to Default on Debt
Ghana announced it will suspend payments on most of its debt to bondholders, other commercial lenders, and foreign governments, officially putting it in default. The announcement comes a week after a staff-level meeting with the IMF and a ratings downgrade. Ghana’s economy is spiraling, with 70%-100% of government revenue going to ...
Zambia’s President Hichilema Clarifies Chinese Loans’ Role in Debt Crisis
As Ghana sinks into debt distress, many are looking to Zambia’s debt restructuring process for clues on how China will feature. Zambia’s President Hakainde Hichilema provided a glimpse into his government’s thinking about Chinese debt at a Council on Foreign Relations event ...
Get Ready For Lots of Tough Talk on Chinese Debt When Janet Yellen Travels to Africa Next Month
Just days after it wrapped up a summit with African leaders, the Biden administration is following through on its promise to send more high-level officials to the continent. First up is Treasury Secretary Janet Yellen, who will ...
U.S. Signs MoU with DRC, Zambia for e-Vehicle Supply Chains
The governments of Zambia and the Democratic Republic of Congo signed a Memorandum of Understanding with the United States to develop an electric vehicle supply chain in their countries. The exact details of the agreement are still unclear, but it likely involves refining cobalt - a key mineral used ...
Chinese-Built Cross-Frontier Hydro System Inaugurated in Mali
This weekend saw the inauguration of the Gouina Hydroelectric dam and Malinguina hydropower station in Mali. Funded by the China Exim Bank and built by PowerChina, the facilities form part of a transfrontier hydroelectric system linking Mali, Senegal, and Mauritania. ...
Partially Chinese-Financed Hydropower Dam Cuts Power Deliveries to Zambia, Zimbabwe Due to Lack of Water
Environmentalists have warned for years that southern Africa's Chinese-financed hydroelectric building binge would eventually collide with the reality that the region doesn't have enough water. Officials at the Zambezi River Authority that runs the Kariba Dam announced
Zambia Hopes for Debt Deal by Q1 Next Year
The International Monetary Fund’s head of strategy, Ceyla Pazarbasioglu, will travel to Beijing next week for meetings with Chinese officials as part of a push for progress on Zambia’s debt restructuring. This comes as Zambia's Finance Minister Situmbeko Musokotwane
WEEK IN REVIEW: The G77 Bloc of Countries Together With China To Propose a New “Loss and Damage” Fund at the COP27 Summit
The G77 bloc of countries together with China is reportedly going to propose a new "loss and damage" fund at the COP27 summit to provide finance to poor countries impacted by climate disasters. The fund appears to be a repackaged version of the failed "climate adaptation fund" that wealthy ...
Debt in Africa: Everyone’s Watching What China Does in Zambia
The United Nations Development Program issued a new report this week that once again sounded the alarm on the urgent need for debt relief in the world's poorest countries. The UNDP said 54 countries are at risk, with African countries accounting ...