https://sputnikglobe.com/20230305/zambias-president-calls-on-un-chief-to-facilitate-debt-restructuring-1108030882.html
Zambia's President Calls on UN Chief to Facilitate Debt Restructuring
Zambia's President Calls on UN Chief to Facilitate Debt Restructuring
Sputnik International
Zambia's President Hakainde Hichilema has asked United Nations Secretary-General Antonio Guterres to assist in talks on the country's debt restructuring to bring it to a swift conclusion, local media has reported.
2023-03-05T07:23+0000
2023-03-05T07:23+0000
2023-03-05T07:23+0000
africa
southern africa
zambia
president
the united nations (un)
un secretary general
antonio guterres
debt
debt restructuring
talks
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Zambia's President Hakainde Hichilema has asked United Nations Secretary-General Antonio Guterres to assist in talks on the country's debt restructuring to bring it to a swift conclusion, local media has reported. On Saturday, the president held a closed door meeting with the UN chief on the sidelines of the ongoing Conference on the Least Developed Countries in Doha, Qatar. After the meeting, Hichilema told reporters that the protracted debt restructuring is hindering the process of economic transformation, which his government is trying to implement.He described the talks on debt restructuring as "not moving fast enough," adding that the meeting was meant to push the issue forward. The president noted that during the meeting, he touched upon the topic of interest rates, underlining that it is crucial for African nations to have access to capital on "fair" conditions. Last month, speaking on local radio, Hichilema criticized "suicidal" interest rates of up to 12%, comparing them to a "black mamba kiss of death." He stated that Zambia needs reductions to the principal of its external debt. Zambia is a key test case for the G20 Common Framework for Debt Treatments, launched in November 2020. The program is designed to coordinate debt restructuring undertaken by official and private creditors. To date, along with Zambia, only Chad and Ethiopia have made requests for debt relief under this iniative. In January, US Treasury Secretary Janet Yellen during her visit to Dakar, Senegal, as part of her three-nations African tour, expressed hope that China may join a multilateral debt restructuring deal with Zambia to ease the country's onerous debt burden. Yellen stated that ahead of the tour, she'd held a meeting with Chinese Vice Premier Liu He in Zurich, Switzerland, during which she raised the case of Zambia. According to her, China’s response was "constructive," even though she can't predict how the talks will progress in the future.
https://sputnikglobe.com/20230217/black-mamba-kiss-of-death-zambia-criticizes-foreign-debt-interest-rates-1107533418.html
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southern africa, zambia, president of zambia hakainde hichilema, united nations, united nations secretary-general antonio guterres, debt relief, debt restructuring, talks, debt burden
southern africa, zambia, president of zambia hakainde hichilema, united nations, united nations secretary-general antonio guterres, debt relief, debt restructuring, talks, debt burden
Zambia's President Calls on UN Chief to Facilitate Debt Restructuring
The Southern African nation is currently struggling to restructure its $13.04 billion in foreign debt under the G20 Common Framework following its default on a $42.5 million payment on a Eurobond in November 2020.
Zambia's President Hakainde Hichilema has asked United Nations Secretary-General Antonio Guterres to assist in talks on the country's debt restructuring to bring it to a swift conclusion, local media has reported.
"We’ve discussed with the UN Secretary General to assist, to push for the conclusion of the debt restructuring," Hichilema is quoted as saying.
On Saturday, the president held a closed door meeting with the UN chief on the sidelines of the ongoing Conference on the Least Developed Countries in Doha, Qatar. After the meeting,
Hichilema told reporters that the protracted debt restructuring is hindering the process of economic transformation, which his government is trying to implement.
He described
the talks on debt restructuring as "not moving fast enough," adding that the meeting was meant to push the issue forward. The president noted that during the meeting, he touched upon the topic of interest rates, underlining that it is crucial for African nations to have access to capital on "fair" conditions.
Last month, speaking on local radio, Hichilema criticized "suicidal" interest rates of up to 12%, comparing them to a "black mamba kiss of death." He stated that Zambia needs reductions to the principal of its external debt.
17 February 2023, 12:53 GMT
Zambia is a key test case for the G20 Common Framework for Debt Treatments, launched in November 2020. The program is designed
to coordinate debt restructuring undertaken by official and private creditors. To date, along with Zambia, only Chad and Ethiopia have made requests for debt relief under this iniative.
In January,
US Treasury Secretary Janet Yellen during her visit to Dakar, Senegal, as part of her three-nations African tour, expressed hope that
China may join a multilateral debt restructuring deal with Zambia to ease the country's onerous debt burden. Yellen stated that ahead of the tour, she'd held a meeting with Chinese Vice Premier Liu He in Zurich, Switzerland, during which she raised the case of Zambia. According to her,
China’s response was "constructive," even though she can't predict how the talks will progress in the future.
