Zambia rejected a call from China for the World Bank and other multilateral lenders to join a restructuring of the country’s debt…
Zambia's Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, US, October 15, 2022.Zambia's Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, US, October 15, 2022.
Zambia’s Finance Minister rejected a call from China for the World Bank and other multilateral lenders to join a restructuring of the country’s debt and warned that delays were holding up the economy, theIn an interview with the newspaper, Situmbeko Musokotwane said that “time is of the essence” to finish a restructuring of about $13 billion of external debt this year and signalled that China’s demand was a distraction from talks for reducing the loans.
“Discussions at higher levels like those just make our situation worse, because what we are looking for is urgent solutions, not discussions that may drag out the matter,” the report quoted Musokotwane as saying.ReutersZambia became the first African country to default in the COVID-19 era in 2020, but the restructuring of its external debts of almost $15 billion with creditors including China and Eurobond holders has been greatly delayed.
Government data showed Zambia owed Chinese creditors nearly $6 billion of the total $17 billion external debt at the end of 2021. US Treasury Secretary Janet Yellen and other Group of Seven have grown increasingly frustrated about what they see as foot-dragging by China in moving forward on debt rescheduling for countries seeking help. China, for its part, argues that multilateral institutions should also be required to accept reductions in the debt they are owed.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BBC World Service - Africa Daily, Why are some African countries holding on to capital punishment?Zambia has become the 25th sub-Saharan nation in Africa to abolish the death penalty. But other nations, including Botswana and Somalia have chosen to keep capital punishment. Why? 🎧 AfricaDaily's mpholakaje takes a look:
Read more »
MINING INDABA: Copper-rich Zambia is a breath of fresh air for foreign investorsA recurring theme at the Investing in African Mining Indaba is the rise and fall of countries as investment destinations. The annual conference is, in some ways, like a beauty contest for capital. At this year’s Indaba, Zambia emerged as one of the winners.
Read more »
Palestinian killed by Jewish settler in West Bank, Palestinians say | News24A Jewish settler fatally shot a Palestinian in the occupied West Bank on Saturday, Palestinian officials said.
Read more »
BACKSTORY: Rentia van Tonder of Standard BankThe FM speaks to Rentia van Tonder, head of power, corporate and investment banking at Standard Bank.
Read more »
Emigration threatens SA tax system: Standard BankRenewed emigration by skilled and high-income earners poses a threat to South Africa’s fragile tax system, according to the continent’s biggest bank.
Read more »
FRANCOIS GOUWS: Holding the Reserve Bank’s lineA central bank’s credibility can’t be divorced from its mandate — so mess with the status quo at our peril.
Read more »