Chad’s creditors close to agreeing debt relief: French official
2 years, 2 months ago

Chad’s creditors close to agreeing debt relief: French official

Al Jazeera  

Alongside Ethiopia and Zambia, Chad is one of three countries seeking debt restructuring under a G20 initiative. Chad’s creditors are close to reaching a debt relief agreement, which would be the first under a new G20 debt restructuring framework, a French finance ministry source said on Monday. Alongside Ethiopia and Zambia, Chad is one of the three countries that have so far sought a debt restructuring under a G20 initiative established at the end of 2020. As host to the Paris Club of mostly rich, Western government creditors, the French finance ministry is deeply involved in the debt-relief discussions under the G20 framework and is co-chair with Saudi Arabia of Chad’s creditor committee.

G20 French Chad Ethiopia Zambia Debt Relief Countries Debt  agreeing  countries  debt  chad  zambia  ethiopia  relief  close  g20  source  french  restructuring  official  creditors  chads

History of this topic

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations
8 months, 2 weeks ago

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations

Bloomberg  

More than half of the world’s low-income countries are at high risk of debt distress or are already in it, and several have defaulted. But despite the world’s 20 largest economies having agreed in 2020 to a plan called the Common Framework to smooth the process of restructuring loans that governments could no longer afford to service or repay, progress …

Zambia and Creditors to Restart Bond Restructuring Negotiations
9 months ago

Zambia and Creditors to Restart Bond Restructuring Negotiations

Hindustan Times  

Foreign investors are set to restart talks with Zambia officials on a deal to restructure $3 billion of global bonds, marking a potential turning point in the African nation’s years-long effort to lift itself out of default, according to people familiar with the matter. The sides are trying to reach a deal before next month’s International Monetary Fund meetings in …

Increasing G20 cooperation on debt and investment in Africa
1 year, 4 months ago

Increasing G20 cooperation on debt and investment in Africa

Hindustan Times  

Africa’s long-standing and difficult history with international capital can be attributed to a complex set of factors, including historical legacies, structural adjustment programmes and, most recently, Chinese investment. While Africa’s hard-won credit market access had been hailed as the key to boosting the region’s growth and development, countries now face significant challenges in their relationship with international capital, with profound …

Debt-plagued Zambia reaches deal with China, other nations to rework $6.3B in loans, French say
1 year, 6 months ago

Debt-plagued Zambia reaches deal with China, other nations to rework $6.3B in loans, French say

Associated Press  

PARIS — Zambia and its government creditors, including China, have reached a deal to restructure $6.3 billion in loans, the French government announced Thursday on the sidelines of a global finance summit in Paris. The agreement covers loans from countries including France, the UK, South Africa, Israel and India as well as China — Zambia’s biggest creditor at $4.1 billion …

China must show it can play by world debt-revamp rules: IMF
1 year, 8 months ago

China must show it can play by world debt-revamp rules: IMF

Hindustan Times  

China, the biggest bilateral creditor to developing countries, needs to show it can operate within established international debt-relief processes for poor nations struggling to pay, the chief of the International Monetary Fund said. “China has been very slow to recognize that multilateral debt restructuring requires China to play by the rules that are already established,” Managing Director Kristalina Georgieva said …

G20 agrees on debt relief
1 year, 9 months ago

G20 agrees on debt relief

Deccan Chronicle  

NEW DELHI: Despite having some differences over the wording of the Russia-Ukraine war in the summary after the first G20 meeting of the Finance Ministers and Central Bank Governors under India’s presidency, Union finance minister Nirmala Sitharaman on Sunday said that the G20 nations have agreed on language to deal with the debt vulnerabilities of developing countries. Vulnerable nations are …

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership
1 year, 9 months ago

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership

The Quint  

If the G20 finance ministers can break the deadlock, it could unlock restructurings in Sri Lanka and Zambia—those worst-affected by sovereign debt defaults, helping them with immediate aid while also renewing hope for other nations seeking desperate debt relief measures. A larger concern that stems from the gridlock seen in the way G20 functions is evident from the fact how …

Ukraine war is exacerbating fragilities in the global economy: G20 Ministers
1 year, 9 months ago

Ukraine war is exacerbating fragilities in the global economy: G20 Ministers

The Hindu  

At a meeting of G20 Finance Ministers and Central Bank Governors on Saturday in Bengaluru, most members called for a “complete and unconditional withdrawal” of the Russian forces from Ukrainian territory. “Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy — constraining growth, increasing …

Debt load may pose threat to nations: PM
1 year, 10 months ago

Debt load may pose threat to nations: PM

Live Mint  

Prime Minister Narendra Modi cautioned on Friday that unsustainable debt levels posed a threat to the financial stability of nations and called upon G20 finance ministers and central bank governors to work towards restoring stability, confidence, and growth to the global economy. International Monetary Fund managing director Kristalina Georgieva said on Thursday that the IMF, World Bank and India’s G20 …

‘Cope with your own debt’, China tells US over Zambia debt relief
1 year, 10 months ago

‘Cope with your own debt’, China tells US over Zambia debt relief

Al Jazeera  

Washington and Beijing are vying for influence in Africa, where Chinese banks are major lenders. “The biggest contribution that the US can make to the debt issues outside the country is to cope with its own debt problem and stop sabotaging other sovereign countries’ active efforts to solve their debt issues,” the Chinese embassy in Zambia said in a statement …

Yellen pushes for China to address Zambia’s big debt burden
1 year, 11 months ago

Yellen pushes for China to address Zambia’s big debt burden

Associated Press  

LUSAKA, Zambia — U.S. Treasury Secretary Janet Yellen, on the second leg of an African tour aimed at promoting American investment and ties, said on Monday it’s crucial to immediately address Zambia’s heavy debt burden with China. On Monday, Yellen said that while she had “constructive” conversations with her Chinese counterpart on Zambia’s debt in Switzerland during a first face-to-face …

After covid-19, now a pandemic of debt
1 year, 11 months ago

After covid-19, now a pandemic of debt

Live Mint  

The covid-19 pandemic increased low- and middle-income countries’ debt levels to a 50-year high. For low-income countries, the ratio of multilateral debt to total external debt has been around 36.5% over the past decade, compared to 8% for middle-income countries, which depend heavily on costlier private-sector financing. Before covid-19, the main body providing debt relief to low- and middle-income countries …

African Union calls for ‘democratic transition’ in Chad
3 years, 7 months ago

African Union calls for ‘democratic transition’ in Chad

Al Jazeera  

AU sees ‘absolute need’ for Chad’s transition from military to democratic leadership to be achieved within 18 months. The African Union has called for a “democratic transition” within 18 months in Chad, where a military leadership took charge in April after veteran ruler Idriss Deby died on the front-line as his army was fighting rebels. Also on Thursday, an International …

Zambia says it will default on debt owed private investors
4 years, 1 month ago

Zambia says it will default on debt owed private investors

Associated Press  

LUSAKA, ZAMBIA — Zambia’s government said it would miss a Friday deadline to clear debt owed to external investors who rejected the country’s request for deferral of an overdue $42.5 million interest payment. The southern African country had to pay up by Saturday to avoid becoming the first African nation to default amid the coronavirus pandemic after repeatedly failing to …

G-20 agrees on framework for more debt relief amid COVID-19
4 years, 1 month ago

G-20 agrees on framework for more debt relief amid COVID-19

Associated Press  

DUBAI, United Arab Emirates — The Group of 20 nations, representing the world’s biggest economies, announced Friday that low-income countries hardest hit by the fallout of the coronavirus pandemic could potentially get an extension on their debt payments beyond mid-2021, and in the most severe cases, a debt write-off. The G-20 statement, released after a virtual gathering of the group’s …

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