Connect with us

Musings From Abroad

Debt Restructuring: Zambia rejects China’s request for World Bank’s inclusion

Published

on

Amidst the debt crisis facing the country, Zambia through its finance minister has rejected the call from China for the World Bank and other multilateral lenders to join a restructuring of the country’s debt.

The minister, Situmbeko Musokotwane warned that delays were holding up the economy, the Financial Times reported on Monday.

Mr. Musokotwane in an interview with financial times said that “time is of the essence” to finish a restructuring of about $13 billion of external debt this year and signaled that China’s demand was a distraction from talks for reducing the loans.

“Discussions at higher levels like those just make our situation worse, because what we are looking for is urgent solutions, not discussions that may drag out the matter,” the report quoted Musokotwane as saying.

“China has always attached great importance to the Zambian debt issue,” Wang Wenbin, a Chinese foreign ministry spokesman, told a regular press briefing in Beijing on Monday. “Under the common framework of the Group of 20, it has played a constructive role in dealing with Zambia’s debt,” he added.

There are yet to be official responses by the People’s Bank of China and the Ministry of Finance.

Zambian President, Hakainde Hichilema while meeting IMF chief, Kristalina Georgieva, last month hinted that his country risks being in a difficult situation if ongoing debt negotiations with creditors were not concluded by the end of the first quarter of this year.

The country has been on a quest to restructure its loans and rebuild an economy ravaged by mismanagement under previous administrations and COVID-19. It owes a significant amount of its $17 billion external debt to private lenders including bondholders, but also to China.

Musings From Abroad

Military advisors from Russia arrive Equatorial Guinea

Published

on

Russian military advisors are in Equatorial Guinea training indigenous soldiers.

Anonymous sources cited by Reuters during the week claim that between 100 and 200 Russian instructors are training with elite guards in charge of guarding the President and the first family.

The males had been seen in Malabo, the country’s capital, and Bata, its second city. Reports of Russian forces stationed in the nation initially appeared in August.

Oil-rich Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo has maintained close relations with Moscow.

Nguema travelled to Moscow in September to attend the Russian Energy Week International Forum.

Russia has strengthened military connections with African countries, sending advisors and combat soldiers to the Central African Republic, Mozambique, Mali, Niger, and Burkina Faso.

Faced with an Islamist terrorist insurrection, three Sahel countries have turned to Moscow for support, expelling French and American troops.

Continue Reading

Musings From Abroad

Russia claims African, ex-Soviet nations want its mpox vaccine

Published

on

Several African and former Soviet nations have shown interest in purchasing Russia’s smallpox and Mpox virus vaccine, testing equipment, and antiviral medications, according to Russia’s consumer and health watchdog.

The Orthopoxvac vaccine was created by the Siberian Vektor laboratory and approved by Russia’s health ministry in 2022 after clinical testing revealed the vaccine’s efficacy and safety, according to Vektor.

“The countries of the Eurasian Economic Union, the Commonwealth of Independent States, as well as the African countries most affected by the mpox outbreak, have expressed interest in acquiring Russian treatments,” the watchdog told Reuters.

The countries that showed interest were not mentioned. Mpox is a virus that causes flu-like symptoms and pus-filled lesions when it spreads through close contact. The illness can be lethal, although the majority of cases are minor.

An mpox outbreak in the Democratic Republic of the Congo (DRC) that had spread to neighbouring countries and abroad prompted the World Health Organisation (WHO) to declare a worldwide public health emergency in August.

Requests for comment about the Russian vaccine were not answered by the governments of Rwanda or the Democratic Republic of the Congo.

A top public health official in Nigeria and representatives for the health ministries in Burundi and Uganda denied any knowledge of attempts to purchase Russian mpox vaccinations.

According to a top Uzbek public health official, since there had been no mpox cases in the nation, the authorities did not require the vaccination. Georgia, Kyrgyzstan, Tajikistan, and Kazakhstan’s governments did not immediately reply.

To fight the epidemic, several nations, notably the US and France, have committed to donating doses of the two primary vaccines against the virus produced by KM Biologics and Bavarian Nordic (BAVA.CO), which opens new tab.

Vektor researchers’ scientific publications reveal that the lab has been developing the vaccine since at least 2015. It has not yet released trial findings, though, and regulators outside of Russia have not authorised the injection.

Over 42,000 probable instances of Mpox have been recorded throughout the continent, and 1,100 fatalities have been reported so far this year, according to statistics from the Africa CDC.

The monkeypox virus, a species of the genus Orthopoxvirus, is the cause of mpox, formerly known as monkeypox. Clade I, which includes subclades Ia and Ib, and Clade II, which includes subclades IIa and IIb, are the two separate clades of the virus.

Continue Reading

EDITOR’S PICK

Musings From Abroad13 hours ago

Military advisors from Russia arrive Equatorial Guinea

Russian military advisors are in Equatorial Guinea training indigenous soldiers. Anonymous sources cited by Reuters during the week claim that...

VenturesNow13 hours ago

Food prices drive second straight monthly hike in Nigeria’s inflation

According to official statistics released on Friday, Nigeria’s inflation rate increased for the second consecutive month in October, rising to...

Metro13 hours ago

Morocco’s Mpox test gets African CDC endorsement

A major step forward in Africa’s response to the continuing epidemic was taken Thursday when the Africa Centres for Disease...

VenturesNow13 hours ago

MTN financial report reveals drop in group service revenue

Due to operational difficulties in Sudan and the depreciation of the Nigerian naira, MTN Group, Africa’s largest telecom provider, announced...

VenturesNow13 hours ago

Nigeria’s $700bn mining potential attracts investors worldwide

Diplomatic sources cited in a local report have claimed that global investors are interested in Nigeria’s mining sector reforms under...

Sports14 hours ago

South Africa FA President Danny Jordaan detained. Here’s why

Danny Jordaan, the president of the South African Football Association (SAFA), was taken into custody on Wednesday on suspicion of...

Uncategorized14 hours ago

Ivory Coast to create $500 million green financing fund

Ivory Coast will establish a $500 million green financing fund to assist sustainable growth, the IMF said. Africa’s 54 countries...

Musings From Abroad14 hours ago

Russia claims African, ex-Soviet nations want its mpox vaccine

Several African and former Soviet nations have shown interest in purchasing Russia’s smallpox and Mpox virus vaccine, testing equipment, and...

Metro14 hours ago

Mpox immunisation scarcity slows Kinshasa’s epidemic fight

A lack of mpox vaccine doses has prevented the Democratic Republic of the Congo from starting a campaign in the...

Metro18 hours ago

Nigeria has become a ‘failing state’ under Tinubu— Ex-President Obasanjo

YFormer Nigerian President, Olusegun Obasanjo, has described the country under incumbent President Bola Tinubu as a “failing state” which is...

Trending