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Zambia: President Hichilema meets France’s Macron over debt restructuring

Published

2 years ago

May 10, 2023

Zambia has continued its attempts to have its debt restructured, as its president, Hakainde Hichilema met French President, Emmanuel Macron in Paris on Wednesday with the debt agenda on the front burner.

Hichilema wants Macron to use his influence to speed up Zambia’s debt restructuring talks which have been stalling for some time.

Zambia was the first African country to default on its debt during the coronavirus pandemic. Of the total debt, China is the largest foreign creditor.

According to a statement by the Zambian presidency, Macron wanted the country’s restructuring conclusively dealt with before the June 22-23 Summit for a New Global Financial Pact that France will host with aims to boost crisis financing for vulnerable countries in the Global South.

The statement further revealed that Zambia was pleased “with President Macron’s commitment that Zambia’s debt restructuring programme should be conclusively dealt with before the June summit for a new global financial pact”.

“On our part, we emphasised the importance of closing debt talks and asked France to use its role to leverage the Paris Club of Creditors Committee and the G20 to ensure the speedy resolution of the debt restructuring,” the Zambian statement added, urging France and China to work together on the restructuring.

Zambia’s legal advisor in managing its debt crisis, White and Case revealed three weeks ago that the country’s first formal meeting in more than a year had been conducted between the government and Zambia’s “official sector creditor committee,” which was co-chaired by China and France where it was stated that progress had been achieved in a number of areas.

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva last week revealed that the body would soon begin the disbursement of the next batch of its $1.3 billion financing program to Zambia.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”