Musings From Abroad

US Vice President, Harris wants Zambia’s creditors to fasten debt restructuring

Published

2 years ago

April 1, 2023

United States Vice President, Kamala Harris, who is on a week-long tour of Africa, has arrived in Zambia and called on the country’s creditors to fasten arrangements for debt restructuring.

Harris said at a press briefing when asked what the United States was doing to push China to restructure Zambia’s debt that the US was “continuing to reiterate her call on official bilateral creditors to provide meaningful debt reduction to Zambia.”

She argued that the Zambian government had put in place measures to strengthen its economy and should be supported with debt relief.

Zambia is pushing hard to complete the restructuring of nearly $15 billion of external debt this quarter and is “in active engagement” with its largest bilateral creditor China. The Zambian finance minister recently met Chinese officials on the debt situation.

“Let me be clear. Our presence here is not about China. It’s about our independent understanding of intertwined histories of our nations,” said Harris.

In the same briefing, Zambian President Hakainde Hichilema said that delays to debt restructuring were hurting Zambia’s economic gains. Good relations with the United States did not preclude good relations with China, he said.

“When I’m in Washington, I’m not against Beijing. Equally, when I’m in Bejing, I’m not against Washington,” he said.

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.

Related Topics:Featured Kamala Harris Zambia

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

Published

2 hours ago

November 22, 2024

Ifeoluwa Dada

Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

Published

2 hours ago

November 22, 2024

Ifeoluwa Dada

Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.