Zambia on track for debt restructuring next quarter -finance minister

Zambia is pushing hard to complete the restructuring of nearly $15 billion of external debt in the first quarter of 2023 and is “in active engagement” with its largest bilateral creditor China, Zambia’s finance minister said in an interview at the Reuters NEXT conference. Zambia defaulted on its sovereign debt in 2020 and the current

China vs West: A contest that is likely to Africa’s future

A new long-term scenario analysis confirms that China will overtake the United States (US) as the most powerful country in the world by mid-century. The West, comprising the US and the European Union (EU), cannot constrain China’s momentum towards great power status. The study by the African Futures and Innovation team at the Institute for

Zambia-China Relations: Where does Economic Diplomacy fit in?

By Yohane Mbeeya Moono The Author is An Alumni of the Zambia Institute of Diplomacy and International Studies Zambia got her independence in October of 1964 and was heavily reliant on the South African seaports for exports and imports. Things were to change barely a year after independence when Ian Smith the leader in Southern

Building More BRICS

Recent speculation that the BRICS group (Brazil, Russia, India, China and South Africa) plans to expand its membership has set tongues wagging in the diplomatic world. Rumours that Argentina could be the newest country to join have triggered questions around the viability and power of an expanded collective, and what it means for global geopolitics.

Zambia Economic Outlook: Recent macroeconomic and financial developments

The economy of Zambia fell into a deep recession due the adverse impact of the COVID–19 pandemic. Real GDP contracted by an estimated 4.9% in 2020, after growing by 4.0% in 2018 and 1.9% in 2019. The output contraction is the result of an unprecedented deterioration in all the key sectors of the economy. Manufacturing

Deal to resolve Zambia’s debt crisis ‘LIKELY’

By Leo Komminoth June 16th 2022 • Zambia • Finance & Services Zambian officials met with an official committee of the country’s international creditors for the first time on Thursday as Lusaka seeks to negotiate a deal to restructure its unsustainable debt load and unlock IMF funding. The official creditor committee consists of members of

ECONOMIC FIXATION: Requires a Disciplined Approach

By Yohane Mbeeya Moono In November of 2020, President Edgar Chagwa Lungu launched the economic recovery plan which spelt out the country would catapult herself out of the debt mountain it had acquired. However, the August, 12 2021 elections saw a change of government which ushered in the United Party for National Development government under

All Weather Friend -China

The Director General African Affairs, for the People’s Republic of China, Mr Wu Peng, who is in Zambia with a message from His Excellency President Xi Jinping. China and France yesterday chaired IMF Common Framework meeting on Zambia’s debt situation. Zambia needs to be unlocked so that her economy can be opened up to more

THE DEBT RESTRUCTURING PROCESS AND THE IMF SUPPORTED PROGRAMME

Lusaka, Sunday, 19th June 2022 – In light of public statements by certain sections of society on the status of the International Monetary Fund (IMF) Supported Programme and the debt restructuring process, the Ministry of Finance and National Planning considers it necessary to clarify on some matters of concern and on others that have been

President Biden in Asia

The Cable News Network popularly known as CNN is reporting that On his first trip to Asia since taking office, President Joe Biden said today that the United States would respond militarily if China tries to take Taiwan by force. “That’s the commitment we made,” he told reporters in Tokyo, Japan. The President’s statement caught