Zambia has decided against pursuing a one-year extension of its International Monetary Fund program that’s set to expire this month, the Washington-based lender said on Wednesday, an about turn that will surprise investors.
The city skyline of Lusaka, Zambia, on Thursday, Sept. 21, 2023. For over a decade, China poured more than $120 billion of government-backed loans through its Belt and Road Initiative to build hydropower plants, roads and rail lines across the continent — as well as unparalleled influence.
Zambia has decided against pursuing a one-year extension of its International Monetary Fund program that’s set to expire this month, the Washington-based lender said on Wednesday, an about turn that will surprise investors.
The city skyline of Lusaka, Zambia, on Thursday, Sept. 21, 2023. For over a decade, China poured more than $120 billion of government-backed loans through its Belt and Road Initiative to build hydropower plants, roads and rail lines across the continent — as well as unparalleled influence.
Chinese mine operators in Zambia started paying royalties and taxes in yuan in Africa’s second-biggest copper producer, the latest sign of the growing acceptance of the currency on the continent.
Copper plates on wagons ready for shipping at a refinery in Mufulira, Zambia.
The International Monetary Fund said it’s working hard to create the necessary conditions for a new financed program with Mozambique, as the southeast African nation faces “immense pressures.”
A flooded street outside homes in the Praia Nova neighborhood of Beira, Mozambique, on Wednesday, March 20, 2024.
Mozambican President Daniel Chapo urged TotalEnergies SE to resume its $20 billion LNG project despite an ongoing audit of the company’s additional cost claims, increasing pressure on the French major to restart one of Africa’s biggest energy developments.
Daniel Chapo during an interview in Porto on Monday.
Mozambican President Daniel Chapo urged TotalEnergies SE to resume its $20 billion LNG project despite an ongoing audit of the company’s additional cost claims, increasing pressure on the French major to restart one of Africa’s biggest energy developments.
Daniel Chapo during an interview in Porto on Monday.
The International Monetary Fund’s head of mission to Zambia is set to take up the same role for Senegal early next year, overseeing a country facing a financial crunch after uncovering billions of previously undisclosed state borrowing.
Shoppers pass clothing stalls in Sandaga market in Dakar, Senegal, on Thursday, Feb. 8, 2024. Senegal lawmakers agreed to delay presidential elections in one of Africa’s strongest democracies, raising tensions that risk destabilizing the emerging natural gas producer in a region that’s prone to military coups.
Mozambique’s economy shrank for a fourth straight quarter as output in the southern African nation’s electricity, gas and water-distribution industry slumped.
A street trader in Maputo, Mozambique. Photographer: Waldo Swiegers/Bloomberg
Zambia has shaken off five years with a debt-default tag, with Fitch Ratings upgrading its assessment of the southern African nation’s credit to B- and a stable outlook. Yields on its dollar bond edged lower.
The city skyline of Lusaka. Photographer: Zinyange Auntony/Bloomberg
Zambia’s presidency rejected proposed regulations that seek to give the state a minimum 15% stake in mines producing copper and other critical minerals without having to pay for it.
Global demand for transmission lines will affect the affordability of South Africa’s plan for a 440 billion-rand ($25.4 billion) national power-grid upgrade, according to the chair of the state-owned utility.
High-voltage electricity transmission towers in Cape Town.
The United Arab Emirates plans to invest $1 billion to expand artificial intelligence infrastructure and services across Africa, bolstering its influence on a continent that’s lagged behind the rest of the world in adopting the technology.
A Samsung Electronics Co. sign with a slogan reading, "AI for All" at the IFA Consumer Electronics and Home Appliances trade fair in Berlin, Germany, on Thursday, Sept. 5, 2024. The technology show runs until Sept. 10. Photographer: Liesa Johannssen/Bloomberg
S&P Global Ratings removed its default rating for Zambia, five years after the country missed a dollar bond payment in 2020 and became Africa’s first pandemic-era sovereign defaulter.
Shoppers at a market beside a railway line in Lusaka, Zambia, on Thursday, Sept. 21, 2023. For over a decade, China poured more than $120 billion of government-backed loans through its Belt and Road Initiative to build hydropower plants, roads and rail lines across the continent — as well as unparalleled influence. Photographer: Zinyange Auntony/Bloomberg
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