Zambian finance minister Situmbeko Musokotwane. Picture: BLOOMBERG
. Rising interest rates and a surging dollar may push more nations into default as they struggle to pay for imports from fuel to food. Musokotwane’s endorsement comes after criticism that the process has moved too slowly. Zambia has been struggling to complete a complex debt restructuring since starting the process more than two years ago. The nation has secured a crucial $1.3bn IMF assistance package and received assurances from a committee of bilateral creditors that they’re willing to negotiate, but is yet to agree on the broad terms of any deal.
Chinese lenders account for more than one-third of Zambia’s external debt, according to the finance ministry. The government isn’t seeking to rework all of its dollar liabilities, including those owed to multilateral development financial institutions, the ministry said on October 7.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:
Sverige Senaste nytt, Sverige Rubriker
Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.
Business Maverick: Nigeria’s Debt Revamp Proposal Sends Bonds Deeper Into DistressNigerian dollar-bonds prices fell and the local currency weakened to a record low after the finance minister of Africa’s largest economy said the government is considering restructuring some of its debt.
Källa: dailymaverick - 🏆 3. / 84 Läs mer »
Nigeria: Govt Seeks Debt Restructuring From World Bank, IMF - Minister of FinanceMinister of Finance, Zainab Ahmed said that the Federal Government, FG, has commenced discussions with the World Bank and the International Monetary Fund on debt restructuring for the country.
Källa: allafrica - 🏆 1. / 99 Läs mer »
Nigeria Exploring Debt Restructure - Finance MinisterNigeria is considering restructuring its debt and extending the repayment period of its credit obligations. In a recent interview, Finance Minister Zainab Ahmed said the government has appointed consultants for advice on its rising debt-service burden. The minister said that the government also plans to refinance domestic debt obligations that are due this year and in 2023, while the country's U.S.$45.4 billion in outstanding borrowings from the central bank will be bundled into government bonds. "It is a fact that Nigeria's debt has increased over the last three to four years", the minister said. She added that the debt increases were as a result of various exogenous shocks that the country faced. The minister also disclosed that the country was considering borrowing from the recent window created by the IMF Food Security Package for countries facing urgent balance-of-payment needs related to the global food crisis. The new window would be available for a year to provide additional access to emergency financing for countries facing urgent balance-of-payment needs related to the global food crisis.
Källa: allafrica - 🏆 1. / 99 Läs mer »