Energy News
AFRICA NEWS
Debt-ridden Zambia's leader to visit top creditor China
Debt-ridden Zambia's leader to visit top creditor China
by AFP Staff Writers
Beijing (AFP) Sept 8, 2023

Zambia's President Hakainde Hichilema will begin an official visit to China on Sunday, as the heavily indebted African nation works to secure financial relief after a restructuring agreement reached in June.

China, Zambia's leading creditor, holds huge stakes in its mining sector and has launched a major infrastructure drive, including new airports, roads, factories, stadiums and energy projects.

"At the invitation of President Xi Jinping, President Hakainde Hichilema... will pay a state visit to China from September 10-16," foreign ministry spokeswoman Hua Chunying announced on Friday.

Zambia, whose total debt amounted to $32.8 billion at the end of 2022, defaulted on its $18.6 billion foreign debt in 2020 at the height of the Covid-19 pandemic.

A restructuring deal involving foreign lenders and covering about a third of the tab was struck in late June following a two-day Paris summit hosted by French President Emmanuel Macron.

President Hichilema, elected in 2021 on the promise of shoring up the country's buckling economy, said at the time that the agreement was a "significant milestone in our journey towards economic recovery (and) growth".

Foreign ministry spokeswoman Mao Ning said Friday that China had made "important contributions" to Zambia's debt resolution efforts.

"Recently, with joint efforts made by all parties of the Zambian creditors committee, work towards Zambia's debt resolution has made important phased progress, and China made important contributions," Mao told a press briefing.

"We will continue to maintain close communication with all parties of the debt committee to jointly advance follow-up work."

Zambia is the second-biggest producer of copper in Africa after the Democratic Republic of Congo, and the seventh-largest producer in the world.

But a sharp decline in copper prices, weaker exports to China and a clampdown on foreign influence in the mining sector have sapped investor confidence in the sector.

Related Links
Africa News - Resources, Health, Food

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
AFRICA NEWS
Pentagon: U.S. moving troops within Niger as 'precautionary measure'
Washington DC (UPI) Sep 7, 2023
U.S. troops stationed in Niger are being repositioned within the country as a precautionary measure, the Pentagon said Thursday, as the military coup in the West African nation nears 45 days old. "This is simply a precautionary measure," Sabrina Singh, the deputy Pentagon press secretary, told reporters during a press conference Thursday, adding that some non-essential personnel and contractors have left the country. "Our force posture hasn't changed in Niger. Our position remains the sa ... read more

AFRICA NEWS
China launches three remote-sensing satellites

BlackSky images complex evacuation operation during first days of 2023 Sudan conflict

Infospectrum expands Spire Global contract to enhance vessel-tracking capabilities

Sensing city night heat from space

AFRICA NEWS
Present and future of satellite navigation

New Galileo station goes on duty

Potential earthquake precursor discovered through GPS measurements

Northrop Grumman's new airborne navigation system achieves successful flight test

AFRICA NEWS
Deforestation in Brazil Amazon falls, more Indigenous reserves approved

Malaysia's Forest City teeters over China property giant woes

Helping or hindering? US scientists debate how to save giant sequoias

More Brazil Supreme Court judges vote on Indigenous land rights case

AFRICA NEWS
Making aviation fuel from biomass

Chevron, partners develop a transportation fuel using animal waste as a feedstock

Illinois research leading to cleaner propane production method

Transforming flies into degradable plastics

AFRICA NEWS
Researchers discover quantum switch for regulating photosynthesis

New insight for stabilizing halide perovskite via thiocyanate substitution

Low cost, high efficiency, multiple colors at the same time!

Lithuanian invention at the forefront of solar technology breakthrough

AFRICA NEWS
UK eases effective ban on onshore wind in England

China, US lift wind turbine sales: study

Interior Department holds offshore wind energy auction for Gulf

DLR opens wind energy research farm in Krummendeich

AFRICA NEWS
Indonesia halves output at coal power plant as pollution spikes

Australia plan to close largest coal power station in doubt

G20 per capita coal emissions growing: research

S.Africa church fights class action against coal mines

AFRICA NEWS
Australia PM Albanese confirms visit to China 'later this year'

Great Wall of shame: two held after smashing hole in China landmark

Biden's Vietnam trip aimed at reining in China

Chinese flock to Mongolia hoping for papal visit of their own

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.