{"id":131636,"date":"2020-11-17T08:55:41","date_gmt":"2020-11-17T12:55:41","guid":{"rendered":"https:\/\/africaglobalnews.com\/?p=131636"},"modified":"2020-11-17T08:55:41","modified_gmt":"2020-11-17T12:55:41","slug":"african-countries-face-pain-from-foreign-interest","status":"publish","type":"post","link":"https:\/\/africaglobalnews.com\/website_b1ce9d46\/african-countries-face-pain-from-foreign-interest\/","title":{"rendered":"African countries face pain from foreign interest"},"content":{"rendered":"\n<p>(AGN) &#8211; Foreign investors who plied <a rel=\"noreferrer noopener\" href=\"https:\/\/africaglobalnews.com\" target=\"_blank\">African countries<\/a> with huge loans despite obvious difficulties for repayment got some bad news this week.<\/p>\n\n\n\n<p>The government of Zambia announced it will miss a Nov. 13 deadline to repay $42.5 million in interest to Eurobond holders after the investors rejected a six month delay sought by Zambia to pay up. This could set a precedent, lenders fear.<\/p>\n\n\n\n<p>Zambia has been struggling to come up with money at a time when the risk of COVID-19 infection is high and prices for their commodities, especially oil, are low.<\/p>\n\n\n\n<p>Should indebted countries default, they could find themselves unable to borrow money from international capital markets for years.&nbsp;<\/p>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-5506089157017573\" data-ad-slot=\"1517254432\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<p>This year, rich nations belonging to the so-called Group of 20 or G20 devised a \u201cDebt Service Suspension Initiative\u201d to help the world\u2019s poorest countries cope with the fallout of the COVID-19 crisis until the middle of next year.<\/p>\n\n\n\n<p>The \u2018DSSI\u2019 offers a temporary suspension of \u201cofficial sector\u201d or government-to-government debt payment, and 43 countries have signed up so far. However, it does not cover private loans such as the Eurobonds coming due for Zambia.<\/p>\n\n\n\n<p>Last month, the <a href=\"https:\/\/www.bbc.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">China Development Bank<\/a> agreed to reschedule Zambia\u2019s interest payments until April 2021. Zambia owed the bank roughly $391 million at the end of last year &#8211; about a tenth of the $3 billion it owes Chinese entities &#8211; according to the finance ministry. It was not clear whether the loan in question covers all of this debt or a fraction of it.<\/p>\n\n\n\n<p>In 2018, China took possession of a valuable port in Sri Lanka and 15,000 acres when that country was unable to reschedule its debt.<\/p>\n\n\n\n<p>Zambia is one of the world\u2019s top copper producers but foreign companies own 80% of Zambia\u2019s annual copper production. They are MCM, which is 73.1% owned by the Anglo-Swiss multinational Glencore, First Quantum Minerals of Canada which owns 16.9%, and Zambia\u2019s mining investment arm ZCCM-IH which owns 10%.<\/p>\n\n\n\n<p><strong><em>By Lisa Vives<\/em> <\/strong><\/p>\n\n\n\n<p><strong>Africa Global News Publication <\/strong><\/p>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block\" data-ad-format=\"autorelaxed\" data-ad-client=\"ca-pub-5506089157017573\" data-ad-slot=\"4696734857\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>(AGN) &#8211; Foreign investors who plied African countries with huge loans despite obvious difficulties for repayment got some bad news this week. The government of Zambia announced it will miss a Nov. 13 deadline to repay $42.5 million in interest to Eurobond holders after the investors rejected a six month delay sought by Zambia to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":131637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"tdm_status":"","tdm_grid_status":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[],"class_list":{"0":"post-131636","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>African countries face pain from foreign interest - 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