Politics

China assists Zambia in restructuring debt process

Published

3 years ago

April 26, 2022

The Chinese government has come to the aid of Zambia by helping the African country to structure its debt process with multiple creditors including the International Monetary Fund (IMF).

The Zambian President Hakainde Hichilema disclosed on Monday during the first quarter 2022 Economic Conference in Lusaka, that China had come on board to commit and join other creditors in the country’s debt restructuring process.

Hichilema emphasized that without the gesture from China, it would be difficult for his government to record sustainable economic development with the current high debt levels.

“I am proud to announce to the nation that we engaged China, we engaged other creditors to negotiate a debt resolution package,” Hichilema said.

“I engaged China myself as President, that’s my job, which you gave me, working together with the Ministry of Finance and Foreign Affairs, we want to thank China for joining the common framework agreement to resolve the debt crisis,” he disclosed.

Hichilema further hinted that with China playing a key role, it was no coincidence that the country has continued to record a reduced inflation rate and stable exchange rate as a result of the measures the government continues to implement to bring stability to the country’s economy.

He added that Zambia has recorded progress with the debt restructuring program which is targeted at restoring and reviving the country’s economy.

“Last year, we reached the staff-level agreement with the IMF on the debt restructuring, you can’t build the economy with huge debt mountains, and we undertook a decision to dismantle this debt and create room to release resources towards debt servicing in the economy to create jobs and grow the economy,” he said.

Just last week, the IMF also reached a staff-level agreement with Benin Republic on a new 42-month extended credit facility worth $658 million.

In a statement by the global bank on Friday, the extension of the credit facility was intended to help the impoverished West African country address its pressing financing needs related to security, the impact of the COVID-19 pandemic and the war in Ukraine, as well as anchor its national development plan.

Related Topics:China debt Featured IMF Zambia

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Politics

Burkina Faso releases 4 French spies after Moroccan intervention

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

In a diplomatic spat over their imprisonment, France and Morocco announced Thursday that four French nationals detained in Burkina Faso for a year had been freed after mediation from Morocco.

They were spies, according to a prior statement made by the director of France’s foreign intelligence organisation, the DGSE.

A request for comment was not answered by the DGSE or a representative of the French military, which is in charge of the agency.

Since December 2023, they have been held in Ouagadougou.

President Emmanuel Macron hailed King Mohammed of Morocco on Wednesday for his intervention, “which made possible the liberation of our four countrymen who had been held in Burkina Faso for a year,” according to a statement from the French administration.

King Mohammed and President Ibrahim Traore of Burkina Faso were also commended by Morocco’s foreign ministry, which stated that “this humanitarian act” was made possible by their positive bilateral ties.

In October, France made peace with Morocco, one of its former protectorates, after three years of hostilities between Paris and Rabat stoked by immigration concerns and the disputed Western Sahara region.

Morocco offers Burkina Faso and other military-ruled Sahel republics Atlantic trade.

However, France’s relations with former West and Central African colonies, such as Burkina Faso, remain difficult. In Ouagadougou, French troops and diplomats were ejected, the defence attache and ambassador were asked to depart, and certain French media were suspended.

The military junta that took control in 2022 in Burkina Faso has been criticized by international rights groups for cracking down on free expression and harassing dissidents to handle a security crisis precipitated by Al Qaeda and Islamic State extremists.

Politics

Ghana: President-elect Mahama appoints anti-corruption team

Published

3 days ago

December 19, 2024

Ifeoluwa Dada

According to a statement released by his transition team on Wednesday, Ghana’s President-elect, John Dramani Mahama, has designated an anti-corruption committee to investigate allegations of wrongdoing.

When he takes office next month, Mahama, the leading opposition candidate in the presidential election held on December 7 and who received almost 56% of the vote, has pledged to reclaim the proceeds of corruption and hold those responsible for it accountable.

In anticipation, an anti-graft squad has been established. The parliament’s Committee on Assurances, which has previously raised suspicions of governmental corruption, is chaired by MP Samuel Okudzeto Ablakwah.

An investigative journalist, a private attorney, a former auditor general, and a former police officer with experience in high-profile robbery cases make up the other three members.

After looking into alleged financial irregularities that took place during the previous administration, Daniel Dumelovo, the former auditor general, was fired.

Recovering lost assets and fighting corruption were two of Mahama’s main campaign pledges.

“He intends to hit the ground running on these commitments,” the statement said.

Eight years after leaving office, former President Mahama is back to head the West African country. Despite not being personally contaminated, he faced criticism during his 2012–2016 administration due to claims of political corruption.