ZAMBIA

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ZAMBIA

16,117

Total Cases

348

Total Deaths

15,179

Total Recovered

590

Total Active Cases

0

New Deaths

0

New Cases


via guardian.ng10/24/2020

Coronavirus: African Union Member States reporting COVID-19 cases as of 24 October 2020, 9 am EAT - Guardian

African Union Member States (55) reporting COVID-19 cases (1,696,285) deaths (40,922), and recoveries (1,394,094) by region: Central (59,604 cases; 1,132 deaths; 52,959 recoveries): Burundi (553; 1; 472), Cameroon (21,570; 425; 20,117), CAR (4,862; 62; 1,924), Chad (1,423; 96; 1,234), Congo (5,156; 92; 4,400), DRC (11,122; 304; 10,473), Equatorial Guinea (5,079; 83; 4,962), Gabon (8,901; 54; 8,479), […]

via iaea.org10/23/2020

African National Liaison Officers Discuss IAEA's Technical Cooperation Priorities, COVID-19 Assistance to Africa - International Atomic Energy Agency

National Liaison Officers (NLOs) from across Africa met virtually on 6 and 7 October to exchange experiences and to discuss pertinent issues related to the development of the 2022-2023 TC programme, as well as to the implementation of the ongoing TC programme in the Africa region against the backdrop of the ongoing COVID-19 pandemic.

via ca.finance.yahoo10/20/2020

Zambia’s Debt-Relief Vote Sets Tone for Stormy Restructuring - Yahoo Canada Finance

(Bloomberg) -- Zambia looks set to move closer to being Africa’s first sovereign default since the onset of the coronavirus pandemic, with bondholders expected to reject a request to put off payments for six months.A key vote Tuesday by holders of Zambia’s $3 billion of Eurobonds will also be keenly watched by other poor nations considering how to involve commercial creditors in debt-relief talks. The southern African nation, which has already skipped one $42.5 million coupon payment, said it needs breathing space while it plots a restructuring strategy that strikes a balance between bondholders and bilateral, mostly Chinese, lenders.A core group of Eurobond holders has already said it wouldn’t support the proposal without assurances of transparency and a credible plan to get the International Monetary Fund’s endorsement. Rafael Molina, an adviser to the group, declined to comment on Monday, stating that its expectations and position had not changed.“In all likelihood the vote will fail,” said Anthony Simond, a portfolio manager at Aberdeen Standard Investments in London, which has a “small position” in Zambian Eurobonds. “The feeling is that the Zambians haven’t given bondholders sufficient evidence that it has a coherent fiscal plan that brings debt sustainability back on track.”He wouldn’t comment on how Aberdeen would vote.While the coronavirus pandemic added to Zambia’s woes, with the economy forecast to shrink this year for the first time since 1998, its debt problems started years earlier.The government borrowed heavily since 2012, building up nearly $12 billion in external debt and ignoring warnings from the IMF of growing debt distress risks. It took money, often from state-owned Chinese lenders. to build roads, schools and even military housing.Eurobond holders have raised questions over the transparency of loans from Chinese banks, and fear any relief they grant to Zambia could go to servicing these debts, or be used to finance more projects aimed at winning votes in elections set for August. Zambia said it will treat all creditors equally, and by April had already accrued $201 million in arrears to Chinese lenders.“The Zambian authorities should engage with the bondholders and be clear about what it is they are trying to achieve,” said Richard Briggs, an investment manager at GAM Ltd. in London, which holds the country’s Eurobonds. “The coupon delay in isolation, without a plan, doesn’t do that, particularly given a lack of detail around the progress on an IMF program and visibility on Chinese lending.”The six-month payment holiday would cover about $120 million of coupons. Zambia’s first principal repayment, of $750 million, is due in 2022. Without relief, the government would also have to pay $854.3 million to banks in the world’s second-largest economy through the end of next year.‘Rubber Stamp’It’s not a given that bondholders will refuse Zambia’s payment deferral request. Because the government already skipped last week’s coupon payment, tomorrow’s vote could just be a “rubber-stamping exercise,” according to Ilke Smit, an economist at Pinebridge Investments Europe Ltd. in London.“We don’t think there will be serious objections to the government’s proposals,” she said. “In the event of a successful restructuring and a prospective IMF deal, its fundamentals can improve quickly.”Zambia’s $1 billion of Eurobonds due 2024 gained for a second day on Monday, suggesting some investors see a chance the country will reach a deal.The voting starts at 10 a.m. in London, with separate polls for each of the three Eurobonds. Should holders reject the request, the road to restructuring may be long. The elections, in which President Edgar Lungu will seek a fresh mandate, will make a quick deal with the IMF difficult.“Politics will play a major role as the presidential election in 2021 could limit the government’s fiscal efforts that would be required for an IMF program and a successful negotiation with creditors,” said Federico Kaune, the New York-based head of emerging markets fixed income at UBS Asset Management. “Negotiations won’t be easy.”(Updates with time of vote in 13th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

via reuters10/15/2020

Breakingviews - Viewsroom: On the road again, Zambia, Super-apps - Reuters India

Airlines columnist Ed Cropley boards his first plane since Covid-19 hit, and experiences travel in the pandemic era on a visit to Munich. He also discusses the financial proxy war over Zambia’s debt restructuring. Meantime, Asia goes mad for all-singing mobile applications.


via fodors10/14/2020

Which Countries Can I Travel to Without Needing a COVID Test? - Fodor's Travel

If you’re willing to accept the risk, easier entry does make the following countries a more viable option for any itchy-footed Americans. We’ve got a rundown of each, from Belarus to Mexico, and why their open borders might be worth crossing right now—everything subject to change, of course.

via zm.usembassy.gov10/07/2020

World Teachers Day: Teachers Leading in Crisis, Reimaging the Future - US Embassy in Zambia

The U.S. Agency for International Development (USAID) Let’s Read Project joins the rest of the world in commemorating World Teacher’s Day on  October 5, 2020.  This day aims to bring focus to appreciating the role of teachers worldwide, as well as provide an opportunity to consider issues related to teaching and learning. The United Nations ...

via finance.yahoo09/26/2020

Bondholders Facing Zambia Haircut Cast Wary Eyes Over Africa - Yahoo Finance

(Bloomberg) -- Bondholders are facing “significant losses” as Zambia battles to bring its debt under control, according to Moody’s Investors Service. They’re now asking: who’s next?The southern African country this week asked for a six-month interest-payment holiday to give it “breathing space” for a debt restructuring, a move that may buy it time but won’t do anything to solve its longer-term debt problems, Moody’s said.In his budget speech on Friday, Finance Minister Bwalya Ng’andu had little new to offer, except a slightly smaller-than-expected fiscal deficit that it plans to fund through more, not less, external borrowing. He didn’t mention the International Monetary Fund, which the government had approached for emergency funding, or offer further details on the debt-restructuring strategy.Though Zambia has been borrowing with abandon for years, its problems stem in part from falling commodity prices and an exodus of capital triggered by the coronavirus pandemic. Now, its weakening currency has increased the cost of servicing and repaying billions of dollars of debt raised from bondholders and Chinese banks. Other African nations face similar problems, with more than a third at risk of debt distress, according to the IMF.Angola, which has negotiated $6 billion in debt relief with some of its lenders, told the IMF it may seek respite from a wider group of creditors if oil prices fall further.Chad has asked the world’s largest commodities trader, Glencore Plc, and other private creditors to delay debt payments under a global push for debt.Kenya said it’s at risk of debt distress as external borrowing costs rise faster than foreign revenue.While none of those countries is at immediate risk of a default, countries may find it difficult to meet interest payments on their Eurobonds while also servicing large debts with bilateral lenders.“Zambia is more the exception than the rule at this point; many other sub-Saharan African countries are experiencing problems under Covid, and sought official-sector relief, but have avoided touching the bonds,” said Stuart Culverhouse, head of fixed-income research at Tellimer Ltd. in London. “Where Zambia may set a precedent is that for countries more obviously in distress, and seeking debt-service relief, perhaps the official sector will be more emboldened to push them to seek private sector restructuring too.”Group of Seven countries last week backed an extension of a freeze in debt payments from the world’s poorest nations struggling with Covid-19, while signaling criticism for China for failing to fully participate.The support of the club of industrialized economies signals a growing consensus within the Group of 20, a wider body that includes China. But the countries underlined the need for members that aren’t part of the Paris Club group of creditors to fully participate in the debt relief, a comment likely aimed at the Asian nation. That means private creditors may also be drawn into debt-relief talks, according to Anne Fruhauf, managing director at advisory company Teneo in Mexico City.“If 20 years ago resolving Africa’s debt problem largely hinged on Paris Club creditors, the changing composition of debt means there can be no comprehensive solution without private creditors or non-Paris Club creditors, principally China,” Fruhauf said.For now, eyes are on Zambia, which last month secured an eight-month debt freeze from some official lenders. As part of this accord, the government was also obliged to seek comparable terms with commercial lenders, according to Mukuli Chikuba, permanent secretary at the finance ministry.“The Zambian government has indicated its commitment to find a collaborative resolution to its debt sustainability challenges,” Moody’s said in a note on Friday. However, with the country’s debt burden set to reach 110% of gross domestic product this year, “placing debt on a sustainable trajectory will invariably result in large losses to commercial creditors,” Moody’s said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

via deccanherald10/24/2020

Debt crisis to overshadow Zambia's high stakes election - Deccan Herald

Although elections won't be held in Zambia for another 10 months, the battle lines already being drawn over the country's debt woes could make them the issue to topple the longtime incumbent. Presidential and parliamentary polls on August 12, 2021, will mark the sixth attempt by opposition leader Hakainde Hichilema, 58, to claim the top job. Meanwhile, 63-year-old Edgar Lungu

via uk.finance.yahoo10/20/2020

CONDITIONS FOR SALE OF RIKSBANK CERTIFICATES - Yahoo Finance UK

AUCTION DATE:OCT 20, 2020START DATE:OCT 21, 2020MATURITY DATE:OCT 28, 2020NOMINAL AMOUNT:380.0 BLNFIXED RATE:0.00 % PROJECTED LIQUIDITY SURPLUS FOR THE PERIOD OCT 21-28 2020: 868.5 BLN SEK. AT FULL ALLOTMENT EXCESS LIQUIDITY WILL AMOUNT TO APPROXIMATELY 488.5 BLN SEK FOR THE PERIOD OCT 21-28 2020. ALL MONETARY POLICY COUNTERPARTIES ARE INVITED TO SUBMIT BIDS TO THE RIKSBANK (08-6966970) BY 10.00 AM ON OCT 20 2020 AT THE LATEST. CONFIRMATION OF BIDS TO E-MAIL: RBCERT@riksbank.se THE LOWEST ACCEPTED BID VOLUME IS SEK 1 MLN. THE HIGHEST ACCEPTED BID VOLUME IS SEK 380.0 BLN. RESULT OF AUCTION WILL BE PUBLISHED AT 10.15 (CEST) ON OCT 20 2020. COMPLETE TERMS AND CONDITIONS CAN BE RETRIEVED AT WWW.RIKSBANK.SE


via reuters10/15/2020

Breakingviews - Viewsroom: On the road again, Zambia, Super-apps - Reuters

Airlines columnist Ed Cropley boards his first plane since Covid-19 hit, and experiences travel in the pandemic era on a visit to Munich. He also discusses the financial proxy war over Zambia’s debt restructuring. Meantime, Asia goes mad for all-singing mobile applications.

via finance.yahoo10/15/2020

Fitch says expects debt-strained Zambia to default - Yahoo Finance

Rating agency Fitch said on Thursday that it expected Zambia to default on its government debt in the coming months, having become locked in a row with its creditors over delaying some of its bond payments. Zambia's finance ministry issued a statement on Tuesday repeating a request for a number of its debt payments to be deferred until April 2021. Creditors rejected the original request, which is known as a consent solicitation.

via zm.usembassy.gov10/14/2020

United States Pledges Nearly $2 Billion in Assistance to Zambia - US Embassy in Zambia

LUSAKA – Today, Dr. Edgar Chagwa Lungu, President of the Republic of Zambia, and U.S. Embassy Chargé d’Affaires (CDA) David Young commemorated the U.S. government’s commitment to implement a five-year, K39 billion ($1.9 billion) development strategy for Zambia.  The long-term strategy will improve health, education, economic development, and democratic governance for Zambia’s people.  The announcement ...

via ajot10/05/2020

COVID 'lockdowns' fail to stop €85 million of cargo thefts - American Journal of Transportation

Over €85 million of products were stolen from air, road, sea and rail freight supply chains in 46 countries in the Europe, Middle East & Africa (EMEA) region in the first half of 2020, even with national COVID-related lockdowns restricting people and vehicle movements, according to the latest data from the Transported Asset Protection Association’s (TAPA) Incident Information Service (IIS).

via finance.yahoo09/25/2020

CORRECTED-Zambia aiming to reduce deficit to 9.3% in 2021 - finmin - Yahoo Finance

Zambia is aiming to reduce its fiscal deficit to 9.3% of gross domestic product in 2021 from the 11.7% projected in 2020, Finance Minister Bwalya Ng’andu said in a budget speech delivered on Friday. "Due to the fall in revenues and grants and the increase in spending, the fiscal deficit, on a cash basis, is expected to rise to 11.7% of GDP by the end of 2020 against the target of 5.5%," Ng'andu said in parliament.


via finance.yahoo10/20/2020

Zambia’s Debt-Relief Vote Sets Tone for Stormy Restructuring - Yahoo Finance

(Bloomberg) -- Zambia looks set to move closer to being Africa’s first sovereign default since the onset of the coronavirus pandemic, with bondholders expected to reject a request to put off payments for six months.A key vote Tuesday by holders of Zambia’s $3 billion of Eurobonds will also be keenly watched by other poor nations considering how to involve commercial creditors in debt-relief talks. The southern African nation said it needs breathing space while it plots a restructuring strategy that strikes a balance between bondholders and bilateral, mostly Chinese, lenders.A core group of Eurobond holders has already said it wouldn’t support the proposal without assurances of transparency and a credible plan to get the International Monetary Fund’s endorsement. Rafael Molina, an adviser to the group, declined to comment on Monday, stating that its expectations and position had not changed.“In all likelihood the vote will fail,” said Anthony Simond, a portfolio manager at Aberdeen Standard Investments in London, which has a “small position” in Zambian Eurobonds. “The feeling is that the Zambians haven’t given bondholders sufficient evidence that it has a coherent fiscal plan that brings debt sustainability back on track.”He wouldn’t comment on how Aberdeen would vote.While the coronavirus pandemic added to Zambia’s woes, with the economy forecast to shrink this year for the first time since 1998, its debt problems started years earlier.The government borrowed heavily since 2012, building up nearly $12 billion in external debt and ignoring warnings from the IMF of growing debt distress risks. It took money, often from state-owned Chinese lenders. to build roads, schools and even military housing.Zambia skipped a $42.5 million coupon on Oct. 14, leaving it 30 days’ grace to make the payment before triggering a default that would allow bondholders to demand immediate repayment of the principal.Eurobond holders have raised questions over the transparency of loans from Chinese banks, and fear any relief they grant to Zambia could go to servicing these debts, or be used to finance more projects aimed at winning votes in elections set for August. Zambia said it will treat all creditors equally, and by April had already accrued $201 million in arrears to Chinese lenders.“The Zambian authorities should engage with the bondholders and be clear about what it is they are trying to achieve,” said Richard Briggs, an investment manager at GAM Ltd. in London, which holds the country’s Eurobonds. “The coupon delay in isolation, without a plan, doesn’t do that, particularly given a lack of detail around the progress on an IMF program and visibility on Chinese lending.”The six-month payment holiday would cover about $120 million of coupons. Zambia’s first principal repayment, of $750 million, is due in 2022. Without relief, the government would also have to pay $854.3 million to banks in the world’s second-largest economy through the end of next year.‘Rubber Stamp’It’s not a given that bondholders will refuse Zambia’s payment deferral request. Because the government already skipped last week’s coupon payment, tomorrow’s vote could just be a “rubber-stamping exercise,” according to Ilke Smit, an economist at Pinebridge Investments Europe Ltd. in London.“We don’t think there will be serious objections to the government’s proposals,” she said. “In the event of a successful restructuring and a prospective IMF deal, its fundamentals can improve quickly.”Zambia’s $1 billion of Eurobonds due 2024 slipped on Tuesday after gaining for a second day on Monday. The notes dropped to a four-month low last week and are trading at less than half their face value.The voting starts at 10 a.m. in London, with separate polls for each of the three Eurobonds. Should holders reject the request, the road to restructuring may be long. The elections, in which President Edgar Lungu will seek a fresh mandate, will make a quick deal with the IMF difficult.“Politics will play a major role as the presidential election in 2021 could limit the government’s fiscal efforts that would be required for an IMF program and a successful negotiation with creditors,” said Federico Kaune, the New York-based head of emerging markets fixed income at UBS Asset Management. “Negotiations won’t be easy.”(Updates with details of skipped coupon payment in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

via eastidahonews10/18/2020

Find out which countries are welcoming US tourists back - East Idaho News

Editor’s note: CNN Travel updates this article periodically. It was last updated in its entirety on October 16. The US State Department advises that travelers consult country-specific travel advisories via their website or consult the CDC’s latest guidance. Before you make any international travel plans, check these sites first. (CNN) — Once one of the […]

via uk.reuters10/15/2020

Breakingviews - Viewsroom: On the road again, Zambia, Super-apps - Reuters UK

Airlines columnist Ed Cropley boards his first plane since Covid-19 hit, and experiences travel in the pandemic era on a visit to Munich. He also discusses the financial proxy war over Zambia’s debt restructuring. Meantime, Asia goes mad for all-singing mobile applications.

via finance.yahoo10/15/2020

EMERGING MARKETS-South African rand leads EMEA losses ahead of economic rescue plan - Yahoo Finance

South Africa's rand extended losses on Thursday ahead of the unveiling of an economic recovery plan, with broader emerging market stocks and currencies retreating in the wake of resurgent COVID-19 cases and fading U.S. stimulus hopes. The rand fell about 0.7%, among the biggest percentage losers in EMEA after data on Wednesday showed South African retail sales fell in August.

via metro.us10/13/2020

What you need to know about the coronavirus right now - Metro US

<div class="at-above-post addthis_tool" data-url="https://www.metro.us/what-you-need-to-120/"></div>(Reuters) – Here’s what you need to know about the coronavirus right now: J&J pauses COVID-19 vaccine trials due to unexplained illness Johnson & Johnson said on Monday it had temporarily paused its novel coronavirus vaccine candidate clinical trials due to an unexplained illness in a study participant, delaying one of the highest-profile efforts to […]<!-- AddThis Advanced Settings above via filter on get_the_excerpt --><!-- AddThis Advanced Settings below via filter on get_the_excerpt --><!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons above via filter on get_the_excerpt --><!-- AddThis Share Buttons below via filter on get_the_excerpt --><div class="at-below-post addthis_tool" data-url="https://www.metro.us/what-you-need-to-120/"></div><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><!-- AddThis Related Posts below via filter on get_the_excerpt --><div class="at-below-post-recommended addthis_tool" ></div><!-- AddThis Related Posts generic via filter on get_the_excerpt -->

via finance.yahoo09/29/2020

Zambia aims for $1 billion in debt service relief - FinMin - Yahoo Finance

Zambia's could get nearly $1 billion of debt service relief if all its requests to official and commercial creditors were granted, the country's Finance Minister Bwalya Ng’andu told creditors on a presentation on Tuesday. One of the world's largest copper producers, Zambia had been wrestling with growing public debt even before the coronavirus outbreak forced lockdowns around the world and cut demand for raw materials. "We have engaged systematically with our official creditors for debt service suspension as well as our commercial creditors to seek similar debt service treatment, including the rescheduling of past due arrears accumulated throughout the year," Ng'andu told creditors in a webcast.