After several years of declining funding, the African end of the Belt and Road Initiative seems to be roaring back. The newest Griffith University/Green Development Finance Center data on the Belt and Road Initiative shows that engagement with Africa jumped by 395%, while a few big projects boosted engagement in Nigeria alone more than twelvefold.
These shifts indicate a window of opportunity for African electrification. 60% of Africans still ...
Tag: Zambian creditors committee
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Welcome to the New Era Where China Writes the Rules
Everyone's hailing the Zambian debt restructuring agreement that was unveiled on Friday in Paris as a major breakthrough in debt relief for the world's poorest countries. While we don't have a lot of information about what's specifically stipulated in the deal, ...
Zambia’s Landmark Debt Deal Highlights China’s Success in Setting New Rules for Development Finance
Zambian President Haikinde Hichilema looked visibly relieved following Friday's announcement that the country's creditor committee had finally reached an agreement to restructure $6.3 billion of bilateral external debt. The deal that took more than two years to finalize was unveiled by ...
Investors Cautiously Optimistic About Zambia Debt Deal, But Still Wary About China’s Role
Investors welcomed the news of Zambia's debt restructuring deal with a mini rally on Friday in the country's dollar-denominated bonds. Government bonds from Ghana, Pakistan and Sri Lanka also saw similar bumps prompted by new optimism their debt restructurings will follow Zambia's example.
Chinese Media Noticeably Quiet on Zambian Debt Deal
Most major financial news outlets in the U.S. and Europe featured prominent coverage of Friday's landmark Zambian debt restructuring deal but the story was barely mentioned in China. The official state-run Xinhua news agency published a short summary of the announcement but, ...
Hichilema Refutes Western Accusations China Was to Blame for Delays in Zambia’s Debt Restructuring
Zambian President Haikinde Hichilema rejected longstanding accusations by Western governments and institutions that China was to blame for how long it took to reach a debt restructuring agreement. The president told Bloomberg TV after the deal was announced on Friday in ...
Analysis from Cobus van Staden
With Chinese Assurances, IMF Chief Expresses New Optimism Zambia Debt Deal Now Imminent
The head of the International Monetary Fund, Kristalina Georgieva, expressed renewed confidence that China, together with Zambia's other major creditors, is close to finalizing a debt deal that will clear the way for a $1.3 billion IMF emergency financial package.
Zambia’s Creditors to Reconvene in May, Amid Growing Global Debt Concern
Bloomberg reports that Zambia’s official creditor committee, which is co-led by China, has reportedly made progress in meetings this week, which will lead to them reconvening for a follow-up session next month. The next meeting could see them signing a memorandum ...
Lots of Talk, Little Action: Zambia’s Debt Relief Process Remains Stalled Says Finance Minister
Zambia's Finance Minister Situmbeko Musokotwane said it's urgent that the country's international creditors finalize a debt restructuring deal at once, or else a $188 million IMF emergency financial package could be at risk. Musokotwane expressed frustration in an interview with ...
Zambia’s Debt Grows to $33 Billion as Restructuring Talks Stall and Interest Accrues
The Zambian Finance Ministry released its latest debt figures this week that reveals the painful cost that delays in restructuring are exacting on the economically-distressed country. The country's total public debt now stands at $32.8 billion, up $300 million since last ...
China Sticks to Its Position That Its Not to Blame for Delays in Zambia’s Debt Restructuring Process
Any hope China would soften its hardline position on debt restructuring following last weekend's talks among G20 finance ministers was dashed on Monday when Foreign Ministry Spokesperson Mao Ning restated Beijing's longstanding demand that multilateral creditors also take losses on their loans to developing countries. ...
Germany’s Ambassador to Ghana Explains Why He Thinks China is Hesitating to Set Up a Creditor Committee
The German government is advocating on behalf of Ghana for China to stop stalling in the creation of a new Creditor Committee that will restructure Accra's debts. Last week, Ghana officially became the second African country in the post-pandemic era to default ...
How do Africans View Zambia’s Debt Restructuring Deal? Two Researchers Weigh In
This article features back-to-back responses by two African researchers on Zambia's debt restructuring deal. Response 1: By Amodani Gariba Zambia is not in the hot water alone. Several African countries are currently at risk of ...