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☆ Bill Gates and Jeff Bezos-backed startup discovers large-scale copper deposit in Zambia
▼ + stars: | 2024-02-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

KoBold Metals, a California-based metals exploration company backed by billionaires including Bill Gates and Jeff Bezos, said that it has discovered a vast copper deposit in Zambia. A spokesperson for KoBold Metals told CNBC on Monday that the company believes its Mingomba copper project in Zambia "will be one of the world's biggest high-grade large copper mines." "It is Kakula-scale in size and grade," KoBold Metals President Josh Goldman said in a statement shared on the firm's social media site X. Ivanhoe Mines, a Canadian mining company founded by billionaire magnate Robert Friedland, owns nearly 40% of the Kamoa-Kakula copper mine. KoBold Metals says it uses artificial intelligence to create a "Google Maps" of the Earth's crust to help find new deposits of copper, lithium, cobalt and nickel.

Persons: Bill Gates, Jeff Bezos, Josh Goldman, Robert Friedland, Andreessen Horowitz, Ray Dalio, Virgin Group's Richard Branson, Alibaba's Jack Ma Organizations: KoBold Metals, CNBC, Democratic, Ivanhoe Mines, KoBold, BHP, Breakthrough Energy, Bridgewater Associates Locations: Victoria, Zambia, Zimbabwe, Livingstone, California, Democratic Republic of the Congo, Canadian, Norwegian

It will see suspended payments repaid from 2027 to 2029 after a grace period from 2025 to 2026, the Paris Club said in a statement, noting that the deal was reached on Nov. 23. If Ethiopia does not get an IMF staff-level agreement by March 31, the official creditor committee "reserves the right to declare the suspension null and void", the Paris Club said. The Paris Club said 10 of its members were on Ethiopia's official creditor committee, which is co-chaired by France and non-Paris Club member China. Other non-Paris Club committee members are India, Kuwait, Poland, Saudi Arabia and Turkey. "We welcome the recent announcement of an interim standstill agreement with official creditors," the IMF spokesperson added.

Persons: Tellimer, Patrick Curran, Rachel Savage, Rodrigo Campos, Alex Richardson, Toby Chopra, Kirsten Donovan Organizations: International Monetary Fund, Paris Club, French Treasury, Ethiopian, IMF, Club, OCC, China, Thomson Locations: JOHANNESBURG, China, Addis Ababa, Tigray, Ethiopia, France, India, Kuwait, Poland, Saudi Arabia, Turkey

☆ Zambia debt rework delaying impede key investments, hitting the 'most vulnerable' - FinMin
▼ + stars: | 2023-11-24 | by ( Karin Strohecker | ) www.reuters.com time to read: +3 min

Zambia's Finance Minister Situmbeko Musokotwane takes part in a panel during the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 14, 2023. Zambia defaulted three years ago and is trying to rework its debt under the G20 Common Framework, a programme designed to ensure swift and smooth debt overhauls for low-income nations. The first African country to default in the COVID-19 era, Zambia's debt restructuring had started with drawn-out negotiations with bilateral creditors including China. "Zambia’s debt restructuring has dragged on too long," Musokotwane said in emailed comments. Musokotwane said the country had implemented some serious reforms and committed to improving management of government finances and boosting growth.

Persons: Situmbeko Musokotwane, Susana Vera, Musokotwane, Karin Strohecker, Rachel Savage, Kim Coghill Organizations: Zambia's, International Monetary Fund, World Bank, REUTERS, Finance, Reuters, Thomson Locations: Marrakech, Morocco, Zambia, China

☆ Zambia's troubled debt restructuring efforts
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsLONDON, Nov 21 (Reuters) - Zambia's debt restructuring has been a complex, three-year process, which suffered a serious setback on Monday when bilateral creditors, including China, effectively ordered it secure more debt relief from international funds that hold its sovereign bonds. 2020: The country requests to have its debt payments frozen under the G20-led Debt Service Suspension Initiative (DSSI) due to COVID-19. In May, Zambian President Edgar Lungu’s government hires French firm Lazard to advise on restructuring the cash-strapped southern African nation’s $11 billion worth of foreign debts. 2022: Negotiations continue with bondholders for debt relief and restructuring deals. Angry bondholders say the OCC is demanding debt relief from them that is materially higher than either Zambia's government or the International Monetary Fund deem necessary.

Persons: Yuri Gripas, Edgar Lungu’s, Lazard, Lungu’s, Hakainde Hichilema, Marc Jones, Sharon Singleton Organizations: Monetary Fund, REUTERS, Zambian, China, Export, Import Bank of China, OCC, International, Fund, Thomson Locations: Washington , U.S, China, Zambia

The IMF approved a tweaked deal, but official creditors again rejected it, Zambia said. The country's External Bondholder Steering Committee said it was deeply concerned with recent developments and that its latest offer would provide more debt relief than official creditors on a net present value basis, as well as a principal haircut when official creditors were offering none. The Common Framework has been severely criticised, as it is yet to provide any countries with debt relief. "If the OCC does not row back, sovereign debt restructuring would have taken a huge step backwards," said a second source familiar with the situation. Ghana, which is also undergoing Common Framework debt treatment, saw its international bonds slump up to 1.4 cents on the dollar .

Persons: Yuri Gripas, Rachel Savage, Karin Strohecker, Bhargav Acharya, Marc Jones, Libby George, Alexander Winning, William Maclean, Bernadette Baum Organizations: Monetary Fund, REUTERS, International Monetary Fund, IMF, OCC, Government, Paris Club, Thomson Locations: Washington , U.S, Zambia Zambia, Ghana, Sri Lanka, JOHANNESBURG, Zambia, China, Base, France, India, London

JOHANNESBURG/LONDON, Nov 15 (Reuters) - Zambia's official creditors including China rejected a deal the country struck with its international bondholders because they believed its "base case" scenario did not deliver debt relief comparable to what they offered in a separate deal, two sources familiar with the talks said. Official creditors said the agreement in principle, which the International Monetary Fund (IMF) also rejected, did not comply with "Comparability of Treatment", said the sources, who declined to be identified as the discussions are private. Both bondholders and official creditors had proposed extending the maturity of Zambia's debt and that it be paid back quicker if the country's economy performs better than expected. The bondholder deal proposed they would be paid more than $700 million before 2026 in the base case, while official creditors had offered a longer three-year grace period. Bondholders would need to offer more debt relief in the base case scenario for the deal to be acceptable to official creditors and the IMF, one of the sources said.

Persons: Rachel Savage, Karin Strohecker, Marc Jones, Alexandra Hudson Organizations: International Monetary Fund, IMF, Paris Club, Alexandra Hudson Our, Thomson Locations: JOHANNESBURG, LONDON, China, Zambia

Zambia was the first African country to default in the COVID-19 era, in late 2020, but its restructuring process has been beset by delays. International bondholders also complained they were left out of the process, which started with drawn-out negotiations with bilateral creditors including China. Zambia's three international bonds rose sharply after the announcement, adding as much as 3.9 cents on the dollar, Tradeweb and MarketAxess data showed. The committee of bondholders owns or controls 40% of the outstanding bonds, Zambia's finance ministry added. Earlier this month, Zambia agreed a memorandum of understanding with its official creditors, including China and members of the Paris Club of creditor nations, to restructure about $6.3 billion of debt.

Persons: Situmbeko Musokotwane, Susana Vera, amortization, Rachel Savage, Karin Strohecker, Bhargav Acharya, David Holmes Organizations: Zambia's, International Monetary Fund, World Bank, REUTERS, IMF, Bondholder, Amia, Amundi, RBC BlueBay Asset Management, Farallon Capital Management, Greylock Capital Management, Paris Club, Thomson Locations: Marrakech, Morocco, JOHANNESBURG, Zambia, China, Rosario

Zambia will pay about $750 million in the next decade compared to almost $6 billion that was due to official creditors before the debt restructuring. "The next step is to secure a comparable agreement with our private creditors," Zambia's finance minister, Situmbeko Musokotwane, said. Zambia is committed to remaining in arrears to its commercial external creditors, the ministry said, until it secures a debt deal with comparable terms to the official creditor agreement. It is unclear how long the signing of the agreements between Zambia and each bilateral creditor is going to take. On Thursday, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Zambia had signed the MoU with official creditors, which was later walked back by Zambia's finance minister and the IMF.

Persons: Situmbeko Musokotwane, Susana Vera, Musokotwane, Kristalina Georgieva, Rachel Savage, Jorgelina, Giles Elgood Organizations: Zambia's, IMF, World Bank, REUTERS, Rights, Paris Club, OCC, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Zambia, China, France, Africa, Rosario

☆ 'Time to set the record straight': Saudi minister defends China's lending to developing nations
▼ + stars: | 2023-10-13 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Kristalina Georgieva, managing director of the International Monetary Fund (left), Ajay Banga, president of the World Bank Group (center) and Mohammed Al-Jadaan, Saudi Arabia's finance minister, during a panel session at the annual meetings of the International Monetary Fund and World Bank in Marrakesh, Morocco, on Thursday, Oct. 12, 2023. "Maybe it's time to set the record straight," Finance Minister Mohammed al-Jadaan said Thursday at the World Bank and International Monetary Fund joint conference in Marrakesh, Morocco. China built infrastructure that they cannot carry with them to China, it will actually be in Africa. China took the risks, when people didn't want to take the risks," he said at a panel discussion on debt reform priorities. He was speaking on a Marrakesh panel discussion, which included the heads of both the World Bank and International Monetary Fund, as well as Zambia's Minister of Finance and National Planning, Situmbeko Musokotwane.

Persons: Kristalina Georgieva, Ajay Banga, Mohammed Al, Mohammed al, Jadaan Organizations: International Monetary Fund, World Bank Group, World Bank, Finance, National Locations: Saudi, Marrakesh, Morocco, Saudi Arabia, China, Beijing, Africa, Musokotwane

☆ Developing countries facing a debt crunch
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +6 min

EGYPTNorth Africa's largest economy needs to repay some $100 billion of hard-currency debt over the next five years. Egypt has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022. Its progress in restructuring both domestic debt and $30 billion in external debt has been fairly swift and it secured a $3 billion IMF bailout in May. The next tranche of a $2.9 billion IMF bailout package could be delayed over a potential government revenue shortfall. A repair plan finally appeared imminent after Zambia clinched a $6.3 billion debt rework deal with the Paris Club creditor nations and China, its other big bilateral lender, in June.

Persons: Moody's, William Ruto's, Kais Saied, Libby George, Shri Navaratnam Organizations: World Bank, African Development Bank, IMF, UAE, SRI, SRI LANKA Sri, European Union, Zambia, Paris Club, Sri, Thomson Locations: Marrakech, EGYPT, Cairo, Egypt, ETHIOPIA, Ethiopia, China, GHANA Ghana, Accra, KENYA, Kenya, LEBANON Lebanon, PAKISTAN Pakistan, Saudi Arabia, SRI LANKA, SRI LANKA Sri Lanka, TUNISIA, Tunisia, UKRAINE Ukraine, Ukraine, United States, ZAMBIA, Zambia

BEIJING (AP) — China and Zambia upgraded their relationship to a comprehensive strategic cooperative partnership on Friday, the latest move by America's chief global rival to forge deeper ties with the Global South. Chinese President Xi Jinping and his Zambian counterpart announced the agreement shortly after Xi had exchanged cordial words with another visitor, the new prime minister of Cambodia. China has in turn won access to natural resources and diplomatic support from many Global South countries on contentious votes at the U.N. and from Cambodia in China’s territorial disputes with other Southeast Asian nations in the South China Sea. Cambodian Prime Minister Hun Manet made China his first official foreign visit after succeeding his father, Hun Sen, who ruled Cambodia for 40 years and cultivated his country's close relationship with China. Xi told Hun Manet that his father had made historic contributions to bilateral ties.

Persons: Xi Jinping, Xi, ” Xi, Hakainde Hichilema, Hichilema, Nicolás Maduro, ”, Edward Chan, South Africa —, Hun Manet, Hun Sen, Hun, Alfred Wu, National University of Singapore's Lee, “, Wanqing Chen Organizations: BEIJING, Global, Zambian, Australian National University, “, United Arab, Initiative, Cambodian, U.S, Ream Naval Base, National University of Singapore's, National University of Singapore's Lee Kuan Yew, of Public, Associated Press Locations: China, Zambia, Cambodia, Africa, Southeast Asia, Latin America, U.S, Zambian, Brazil, Russia, India, South Africa, Saudi Arabia, Iran, United Arab Emirates, Argentina, Egypt, Ethiopia, Afghanistan, South China, Cambodian, Beijing, ASEAN

☆ Zambia frees five Egyptians arrested on plane with guns and fake gold
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

LUSAKA, Sept 1 (Reuters) - A Zambian court freed five Egyptians and one Zambian on Friday, after prosecutors dropped espionage charges against them three weeks after they arrived on a private plane with guns, bullets, cash and fake gold. Two of the Egyptians would be rearrested on unspecified lesser charges and freed on bond, Zambia's Drug Enforcement Commission said. We knew from day one that we were clean," one of the freed Egyptians told journalists outside the court. While the initial charge sheet did not mention the aircraft or seized goods, lawyers for the defendants had said earlier that those arrested were on the plane. Two Egyptian security sources had said the plane seized in Zambia had been inspected by authorities before leaving Cairo, but that one of the arrested Egyptians was able to board with bags that were not searched, which is now under investigation.

Persons: Gracilia Mulenga, Chris Mfula, Bhargav Acharya, Peter Graff Organizations: Drug, Commission, Zambia's Drug, Agency, DPP, Public Prosecutions, Thomson Locations: LUSAKA, Lusaka, Egypt, Zambia, Cairo

☆ Sibanye brings in Chinese partner for Mopani Copper Mines bid
▼ + stars: | 2023-08-29 | by ( Felix Njini | ) www.reuters.com time to read: +3 min

The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned by a unit of the Zambian government. The Chinese company has a presence in copper mining and would be joining Sibanye as an investment partner, Froneman said. The Chinese investor could help derisk the investment at Mopani, Froneman said. "They are an investment partner but technically they understand the copper business and smelting, so it's managing risk," he said. The Mopani assets require significant investment but spending would be spread over a number of years, Froneman said.

Persons: Neal Froneman, we've, Froneman, Felix Njini, Tannur Anders, Sharon Singleton, David Holmes Organizations: Mines, Reuters, China's Zijin Mining, U.S, Rothschild & Co, Thomson Locations: NAIROBI, Stillwater, Johannesburg, Zambian, Southern Africa, Europe, U.S, Mopani, Switzerland, ZCCM

☆ Zambia seeks to deny bail to five Egyptians, 6 nationals charged with spying
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

LUSAKA, Aug 29 (Reuters) - Zambia sought to deny bail to five Egyptians and six Zambians charged with espionage for entering a restricted zone of Lusaka airport, two weeks after Zambian authorities said their plane had been seized along with guns, bullets, cash and fake gold. "The state must give reasons as to why accused persons whose liberties to freedom are being taken away must be denied bail," defence lawyer Martha Mushipe told the court. That fuelled speculation in Zambian media that some of the suspects might have sought to swindle gold buyers in a fake bullion scam. Two Egyptian security sources said the plane seized in Zambia had been inspected by authorities before leaving Cairo, but that bags with one of the arrested Egyptians were not searched, and this was currently under investigation. Reporting by Chris Mfula; additional reporting by Cairo Newsroom; writing by Tim Cocks; editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Davies Chibwili, Martha Mushipe, Zambian Mines Minister Paul Kabuswe, Chris Mfula, Tim Cocks, Mark Heinrich Our Organizations: Drug Enforcement Agency, Zambian Mines Minister, Cairo Newsroom, Thomson Locations: LUSAKA, Zambia, Lusaka, Lusaka's, Cairo, Egyptian

☆ Britain agrees deals on clean energy, critical minerals with Zambia
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alaa Al SukhniLONDON, Aug 3 (Reuters) - Britain on Thursday said it had agreed deals with Zambia on clean energy and critical minerals as foreign minister James Cleverly ends a four-day visit to Africa to deepen ties. "The UK-Zambia Green Growth Compact and our landmark agreement on critical minerals will support investment between UK and Zambian business, creating jobs in both countries," Cleverly said. Zambia is a major copper producer, and also has deposits of critical minerals such as cobalt, manganese and nickel. Last year Britain emphasised the importance of diversifying its supply chains in a critical mineral strategy. Britain has agreed to deepen collaboration on critical minerals with other countries such as the United States, Japan, Australia, Kazakhstan and Saudi Arabia.

Persons: James, Ayman Safadi, Sukhni, Alistair Smout, William James Our Organizations: British, Jordan's, REUTERS, Sukhni LONDON, Thomson Locations: Amman, Jordan, Britain, Zambia, Africa, Niger, Zambian, United States, Japan, Australia, Kazakhstan, Saudi Arabia

☆ How to watch Australia, Canada and Nigeria battle for Wwomen's World Cup knockout phase spot
▼ + stars: | 2023-07-30 | by ( Ben Morse | ) edition.cnn.com time to read: +23 min

Franck Fife/AFP/Getty Images Norway celebrates scoring in its 6-0 victory against the Philippines on Sunday. Aisha Schulz/AP Sweden's Amanda Ilestedt, center, heads the ball to score the opening goal against Italy on July 29. John Cowpland/AP Italy's fans cheer before their team's match against Sweden at Wellington Regional Stadium, New Zealand. John Cowpland/AP China's Wang Shuang celebrates after scoring against Haiti during a Women's World Cup match on Friday, July 28. John Cowpland/AP US forward Alex Morgan is surrounded by Vietnam defenders during their opening match on July 22.

Persons: Colombia's Manuela Vanegas, Franck Fife, Alexandra Popp, Ulrik Pedersen, Manuela Vanegas, Sajad, Jaimi Joy, Reuters Linda Caicedo, Phil Walter, Getty, Dominique Randle, Hannah Peters, Hali, Rafaela Pontes, Olivia McDaniel, Norway's Caroline Graham Hansen, Abbie Parr, Sophie Roman Haug of, Jessika Cowart, Buda Mendes, Ali Riley, Katie Bowen, Molly Darlington, Julia Stierli, Alessandra Tarantino, Ramona Bachmann, Sanka Vidanagama, James Elsby, Benzina, Edina Alves Batista, Hannah Mckay, Brenton Edwards, Panama's Aldrith Quintero, Jamaica's Deneisha Blackwood, Kameron Simmonds, Luisa Gonzalez, Allyson Swaby, Herve Renard, Wendie Renard, Debinha, Katie Tucker, Aisha Schulz, Amanda Ilestedt, John Cowpland, Rebecka Blomqvist, Wang Shuang, Maddie Meyer, Dumornay, China's Dou Jiaxing, Alex Pantling, Chloe Kelly, Carl Recine, Mary Earps, Andy Cheung, Janni Thomsen, Alex Greenwood, Lauren James, Justin Setterfield, Keira Walsh, Walsh, Argentina's Mariana Larroquette, Yamila Rodriguez, Cristiano Ronaldo, Lionel Messi, Matthew Lewis, Linda Motlhalo, Lars Baron, Osinachi Ohale, Bradley Kanaris, Dan Peled, Anthony Albanese, Matt Roberts, Jéssica Silva, Vietnam's, Saeed Khan, Fiona Goodall, Daphne van Domselaar, Julie Ertz, Brad Smith, Andrew Cornaga, Lindsey Horan, Joe Prior, Catherine Ivill, Amanda Perobelli, Canada's Vanessa Gilles, Ireland's Niamh Fahey, Louise Quinn, Murty, Katie McCabe applauds, Paul Kane, Kailen Sheridan, McCabe, Stephen McCarthy, Adriana Leon, Colin Murty, Jennifer Hermoso, David Rowland, Reuters Hermoso, Spain's Alexia Putellas, Mary Wilombe, Naomoto, Japan's Mina Tanaka, Daniela Solera, Sarina Bolden, Bolden's, Hannah Wilkinson, Bolden, Victoria Esson, Katelyn Mulcahy, Hagen Hopkins, Catalina Usme, Korea's Cho, Colombia's Jorelyn, Carolina Arias, Cameron Spencer, Reuters Usme, Kim Hye, Rebecca Welch, David Gray, Brazil's Marta, Matt Turner, Borges, Khadija Er, Victoria Adkins, Germany's Alexandra Popp, Asanka Brendon Ratnayake, Morocco's Fatima Tagnaout, Hamish Blair, Cristiana Girelli, Kim Price, Francesca Durante, German Portanova, Reuters Italy's Giulia Dragoni, Estefania Banini, Dragoni, Grace Geyoro, Mark Baker, Rebecca Spencer, Robert Cianflone, Bunny, Shaw, Estelle Cascarino, Portugal's Ines Pereira, Stefanie van der, Van der Gragt, Portugal's Jessica Silva, Silva, Joe Allison, Magaia, Sweden's Elin Rubensson, Amalie Vangsgaard's, Zhang Linyan, Denmark's Pernille Harder, Gary Day, Shui, Reuters England's Alessia Russo, Haiti's Tabita Joseph, England's Lionesses, Reuters Nicolas Delépine, Kerly Theus, Zac Goodwin, Jun Endo, Zambia's Agnes Musase, Reuters Aoba, Catherine Musonda, Alex Morgan, Carmen Mandato, Megan Rapinoe, Horan, Trần Thị Kim Thanh, Sophia Smith dribbles, Ane, Esther González, Costa, Costa Rica's Mariana Benavides, Katrina Guillou, Switzerland's Gaëlle Thalmann, William West, Uchenna Kanu, Chiamaka Nnadozie, Canada's Christine Sinclair, Steph Catley, Heather Payne, Australia's Kyra Cooney, Mackenzie Arnold, Ria Percival, Ada Hegerberg, Jan Kruger, Zealand's CJ Bott, Norway's Mathilde Harviken vie, Jose Breton, Benee, Ireland's, Niamh Fahey, Vanessa Gilles, Coliin Murty, Sam Kerr, Kerr, Tony Gustavsson, Christine Sinclair, Ireland, Spain –, Japan's Hikaru Naomoto Organizations: CNN, Germany, Getty, Colombia, Reuters, Norway, Sunday, FIFA, AP, New Zealand, South, Jamaica, Brazil, France, Italy, Sweden, Wellington Regional, Haiti, China, Denmark, England, Argentina, Nigeria, Australia, Canada, Reuters Australian, Vietnam, Portugal, USSF, Ireland, Spain, Eden, Costa, Forsyth, AP Costa, Japan, New, Victoria, Panama, Morocco, Cristiana, Atlanta Primus, Zambia, Zambian, Costa Rica's, Getty Images, Zealand, AP Norway, Nations, FOX Sports, Telemundo, Seven Network, Optus Sport, BBC, ITV, Republic of Ireland, Super Falcons, coy Locations: Japan, Spain, Costa Rica, Zambia, Australia, Canada, Nigeria, AFP, Colombia, Philippines, AP Philippines, Sophie Roman Haug of Norway, New, Reuters, Morocco, South Korea, Perth, Reuters Jamaica, Brisbane, New Zealand, Reuters England, Reuters Argentina, Argentina, South Africa, Ireland, Portugal, Vietnam, United States, Netherlands, Wellington , New Zealand, Auckland , New Zealand, Costa Rican, Dunedin , New Zealand, AP Costa Rican, Reuters Switzerland, Norway, Switzerland, Sydney, Reuters Colombia, Panama, Adelaide, Germany, AP Argentina, German, Italy, Atlanta, Africa, China, European, Reuters England's Georgia, Ane Frosaker, Eurasia, Melbourne, Reuters Norway, Zealand, Eden, United Kingdom, Republic of, Republic of Ireland, Wellington

☆ This high-risk global bond fund isn't for everyone, but it's tempting investors with a 10% yield
▼ + stars: | 2023-07-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

For global investors, the Abrdn Frontier Markets Bond Fund is one example of a fund offering substantial returns. What are frontier markets? While there is no formal definition, frontier markets are typically low-income, developing countries with underdeveloped capital markets, according to Daly. Investment director for emerging market debt, Abrdn Kevin Daly The appeal of these frontier markets is twofold, according to Daly. Managing FX risks Managing foreign exchange risk is tricky in frontier markets, where hedging instruments are often inefficient or unavailable.

Persons: Kevin Daly, Daly, Fitch, You've, who's, … Organizations: Markets Bond, CNBC Pro, Monetary Fund, Bank Locations: U.S, Abrdn, Nigeria, Kenya, Iraq, Ecuador, Uzbekistan, Mozambique, Daly, Benin, African, Europe, South Korea, Singapore, Taiwan, stockbrokers

GANDHINAGAR, India, July 16 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." U.S. corporations want to see an environment where they could "invest and thrive in China", Yellen said. She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process. "We should build better banks, not just bigger banks," Yellen said.

Persons: Janet Yellen, Yellen, David Lawder, Aftab, Sudipto Ganguly, William Mallard Organizations: . Treasury, U.S ., Sri, International Monetary Fund, U.S . Treasury, IMF, World Bank, Bank, U.S, Thomson Locations: GANDHINAGAR, India, China, Beijing, U.S, Washington, Moscow, Ukraine, Russia, Gandhinagar, Indian, Gujarat, Sri Lanka, Ghana, United States, Congress, Aftab Ahmed

☆ IMF approves $189 mln payment to Zambia after first programme review
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, July 13 (Reuters) - The International Monetary Fund's executive board has approved an immediate $189 million disbursement to Zambia following its first review of a $1.3 billion loan programme, the IMF said on Thursday. "Timely implementation of this agreement, together with agreements with private creditors on comparable terms, should restore Zambia's debt sustainability over the medium term," she added. Zambia was the first African country to default on its sovereign debt during the COVID-19 pandemic and faced lengthy delays in restructuring negotiations. The IMF said that Zambia's performance under the support programme had been strong, and that all quantitative performance criteria for the first review had been met. Reporting by Nellie Peyton Additional reporting by Anait Miridzhanian Editing by Alexander WinningOur Standards: The Thomson Reuters Trust Principles.

Persons: Africa's, Swift, Kristalina Georgieva, Nellie Peyton, Anait, Alexander Winning Organizations: Monetary Fund's, IMF, OCC, Thomson Locations: JOHANNESBURG, Zambia, China

"We first need to see Zambia's updated macroeconomic package, which is in part why we have to get restricted," one of the sources said. There will be a restriction period of two weeks, with the option to extend it if both sides agree, two sources added. Amia Capital, Amundi, BlueBay Asset Management, Farallon Capital Management, Greylock Capital and T. Rowe Price comprise the steering committee. Besides net present value (NPV) reductions, talks will focus on how to incorporate the impact of a potential improvement of Zambia's debt carrying capacity, or its ability to handle debt payments. Including in the overhaul a mechanism that would allow for higher payments through coupon payments, debt maturities or a combination of both if Zambia's debt capacity improves was "sacrosanct", one of the sources said.

Persons: Weil, Rowe Price, Jorgelina, Rodrigo Campos, Karin Strohecker Organizations: Paris Club, Newstate Partners, BlueBay Asset Management, Farallon Capital Management, Greylock, Monetary Fund, Bank, IMF, World Bank, Thomson Locations: China, Ghana, Sri Lanka, Zambia, U.S, Amia, Rosario, London, New York, Lincoln

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

SummarySummary Companies Mines minister says agreement with Vedanta Resources imminentVedanta says both parties want to sees mines in productionNAIROBI/LUSAKA, July 5 (Reuters) - Zambia is close to resolving a dispute with Vedanta Resources (VEDJB.UL) over its Konkola Copper Mines, with a deal over the future of the partly state-owned unit "imminent", its mines minister said. KCM has battled to attract investment since relations between Zambia and Vedanta broke down several years ago, culminating in the state's take-over of the KCM assets and forced liquidation in May 2019. The move triggering protracted legal battles, with Vedanta approaching an arbitration court in London to fight off the seizure of the copper assets. "The negotiations are advanced and an announcement is imminent," Zambia's Mines Minister Paul Kabuswe told Reuters. "We are concerned with the levels of deterioration of not only the mines but also socio-fabric of the workers," the spokesperson told Reuters.

Persons: KCM, Vedanta, Paul Kabuswe, Kabuswe, Situmbeko Musokotwane, Hakainde Hichilema, Anil Agarwal, Felix Njini, Chris Mfula, Jan Harvey Organizations: Mines, Vedanta, Vedanta Resources, Zambia's Mines, Reuters, Mining, Thomson Locations: NAIROBI, LUSAKA, Zambia, London, Africa's, Nairobi, Lusaka

☆ Zambia's bondholders see debt restructure deal in coming weeks
▼ + stars: | 2023-06-27 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

LONDON, June 27 (Reuters) - Zambia's international bondholders expect to strike a debt restructuring deal with the country "in the coming weeks", a leading member said on Tuesday, a move that would draw a line under the nation's near three-year stint in default. "So I think we (bondholders) can now reach a deal in the coming weeks." Daly said that was something bondholders themselves had called for when restructuring talks became stalled last year over how much debt relief would be required. "The adjustment mechanism provides for an accelerated repayment schedule and higher interest rates if Zambia's debt carrying capacity improves from the current 'weak' classification to 'medium' classification," he said. While China has rejected writing off some of the debt altogether, bondholders could still do that, Daly added.

Persons: Hakainde, Kevin Daly, Daly, Situmbeko Musokotwane, Marc Jones, Chris Mfula, Libby George, Christina Fincher, Ed Osmond, William Maclean Organizations: International Monetary Fund, Zambian Finance, IMF, World Bank, Thomson Locations: China, Zambia, Sri Lanka, Ghana, Lusaka

WHAT IS THE COMMON FRAMEWORK? The Common Framework requires debtor countries to secure restructuring assurances from any bilateral lenders first and commercial and multilateral lenders second - to Beijing's dismay. "We call on multilateral financial institutions and commercial lenders, who are the main creditors for developing countries, to participate in developing countries' debt relief efforts," Mao said. In Paris, analysts expect China to continue to voice support for the Common Framework but for debt relief to be dispensed "case-by-case". The last time global policymakers met to discuss the Common Framework in Washington, China proposed the IMF should speed up and improve information sharing on debt sustainability analyses.

Persons: Li Qiang, acceding, Yi Gang, Mao Ning, Mao, Qin Gang, Sri, Wang Wenbin, Joe Cash, Ryan Woo, Shri Navaratnam Organizations: Paris Club, International Monetary Fund, Bank, IMF, World Bank, Foreign Ministry, China's, France, Thomson Locations: Paris, China, Zambia, Chad, Ethiopia, Ghana, United States, U.S, Beijing, Washington, CHINA, Addis Ababa, Japan, India, France, Sri Lanka's

☆ Zambia poised for debt restructuring deal
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - A deal on Zambia's debt restructuring is expected to be announced later on Thursday at a Paris summit on easing poor countries' debt burdens, four sources familiar with the matter said. “There has been agreement by creditors on the debt restructuring," one of the sources said. The head of the Paris Club of creditor nations Emmanuel Moulin said on Wednesday that Zambia's creditors were close to being able to propose the terms of a debt restructuring deal at the summit. "On debt restructuring, today we will talk about Zambia which I think is a great case of celebration," IMF Managing Director Kristalina Georgieva told a panel at the summit. Zambia is seen as a test case for a 2020 G20 common framework for restructuring poor countries' debt, which has faced much criticism for being two slow.

Persons: Emmanuel Moulin, Kristalina Georgieva, Akinwumi Adesina, Chad, Leigh Thomas, Elizabeth Pineau, Chris Mfula, Susan Fenton Organizations: Paris Club, China, IMF, Development Bank, Thomson Locations: Paris, Zambia, Ethiopia, Ghana, Lusaka

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