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Showing posts with the label Africa.

News | Business | Africa: Africa could be about to see its first post-Covid default after Zambia skips interest payment

  Elliot Smith 7-8 minutes - Source: CNBC A man wearing a face mask selects clothes at a market in Lusaka, capital of Zambia, on Aug. 18, 2020. Zambia’s confirmed COVID-19 cases have continued rising, with the total number close to the 10,000 mark. Xinhua/Martin Mbangweta via Getty Images Zambia has three weeks to improve transparency over its debt obligations and make progress toward an IMF-backed reform package, or risk defaulting on its loans. Last week, a meeting of creditors was adjourned until Nov. 13 after a consortium comprising around 40% of Zambia’s Eurobond holders opted to abstain from voting on the country’s debt relief proposals, rather than voting them down. Experts suggest bondholders are hoping the government can offer more clarity on its debt, particularly to China , and demonstrate progress toward an IMF program ahead of the Nov. 13 meeting. “However, if no progress is made then there is no reason to suspect th

News | World | Africa: Is Zimbabwe once more on the brink of collapse?

Andrew Harding  8-10 minutes - Source: BBC Image copyright AFP Image caption Opposition MP Joana Mamombe is one of the three women who allege they were tortured The three women were in tears, distraught, and seemingly faint with hunger, as they sat in filthy prison uniforms in the dock in a magistrate's court in Zimbabwe's capital, Harare, waiting to hear if they would be granted bail. In a country grappling not just with coronavirus but with a string of deepening economic and political crises - including rumours and denials of a coup plot - the extraordinary and deeply controversial case of opposition activists Cecilia Chimbiri, Netsai Marova and J