Earth Science News
AFRICA NEWS
IMF chief encouraged by China's 'assurances' on Zambia debt
IMF chief encouraged by China's 'assurances' on Zambia debt
by AFP Staff Writers
Washington (AFP) April 6, 2023

The IMF's managing director, Kristalina Georgieva, told AFP Thursday that she was given fresh assurances during a recent high-level trip to Beijing that China supports a debt restructuring program for Zambia.

"During my visit, we got additional assurances that China will respect its commitment for debt restructuring in Zambia," she said during an interview in Washington.

"There is a saying, 'The proof of the pudding is in the eating;' we have to see the outcome of these commitments over the next months," she said.

Zambia became the first country to default on its debt burden -- estimated at more than $17 billion -- back in 2020, following the onset of the global pandemic.

The southern African country has since sought help through a G20 mechanism, but implementation has slow.

US Treasury Secretary Janet Yellen has accused China of dragging its feet on debt restructuring, while China has said it wants multilateral institutions including the IMF to sign up for debt restructuring -- something opposed by many member states.

"I'm encouraged by the fact that they now recognize that multilateral resolution is also good for China as a creditor," Georgieva said of China. "Why? Because it comes with fresh resources from the IMF, from the World Bank, for countries that are servicing debt, including to China."

"They also understand that the faster we move, the better for the debtors so they can return to growth, but also for the creditors," she said.

Related Links
Africa News - Resources, Health, Food

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
AFRICA NEWS
New cabinet unveiled for Ethiopia's Tigray
Addis Ababa (AFP) April 5, 2023
A 27-member cabinet for Ethiopia's war-scarred Tigray was unveiled on Wednesday, official media in the region reported, the latest step in a peace process to end two years of brutal conflict. The cabinet includes members of the Tigray People's Liberation Front (TPLF) and military commanders who fought federal forces during the war, according to Tigrai TV. The establishment of an interim adminstration was a key tenet of a peace deal signed in South Africa's capital Pretoria in November 2022 by Pr ... read more

AFRICA NEWS
Historic drought adds to Argentina's economic woes

Quake hit one-fifth of Turkey's food production: UN

How plants cope with the cold light of day - and why it matters for future crops

Fruit in crisis: Florida's orange groves buffeted by hurricane, disease

AFRICA NEWS
Bold Chinese vessels frustrate Taiwan's fishing communities

U.S. Southeast, Gulf coasts experiencing record-breaking sea-level rise

US mulling forced cuts of Colorado River use as water dwindles

Smelly seaweed bloom heads to Florida

AFRICA NEWS
UK eco-activists rail against judge's ban on using climate defence

Drought pushes Kenya's refugee mega-camp to 'breaking point'

'Infecting minds': US book sent to teachers seeks to sow climate doubt

March heat, Antarctic ice close to records: monitor

AFRICA NEWS
Solar cells charging forward

In rural America, big solar projects often get a frosty welcome

EU deal to nearly double renewable energy by 2030

London hits out at Washington's green energy subsidies

AFRICA NEWS
Dutch refinery to feed airlines' thirst for clean fuel

Low concentration CO2 can be reused as plastic precursor using artificial photosynthesis

Queensland biofuel refinery to turn agricultural by-products into sustainable aviation fuel

Turning vegetable oil industry waste into power

AFRICA NEWS
Indigenous protesters kidnap 16 Colombian soldiers

Mutation risks due to residual radiation from Fukushima nuclear disaster

World Bank could lend $50bn more over decade with reform: Yellen

Video probe shows internal damage to Fukushima reactor

AFRICA NEWS
Qatar gives China share of landmark natural gas field

Kazakhstan takes global majors to court over oilfield revenues: minister

Iran, Saudi Arabia vow to bring Mideast 'security, stability'

UN ship due to prevent Yemen oil spill departs for Red Sea

AFRICA NEWS
IMF warns of growing global debt fueled by US, China

Germany reviews controversial Chinese stake in Hamburg port

Brazil's Lula arrives in China for state visit

Yellen urges further World Bank reforms this year

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.