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☆ 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

☆ Archaeologists unearth oldest known wooden structure in the world
▼ + stars: | 2023-09-20 | by ( Katie Hunt | ) edition.cnn.com time to read: +5 min

CNN —Archaeologists have unearthed the oldest known wooden structure, and it’s almost half a million years old. The wooden structure has no real parallel in the archaeological record, according to the study. The wooden structure was found at an archaeological site upstream of Kalambo Falls in Zambia. Researchers aren’t certain which species of ancient human made the structure and wooden tools, but it is highly unlikely to have been our own. Larry Barham (right), professor of archaeology at the University of Liverpool, carefully uncovers the wooden structure on the riverbank with a fine spray.

Persons: ”, “ It’s, Geoff, Ya’aqov, It’s, Larry Barham, Annemieke, Milks, wasn’t Organizations: CNN —, University of Aberystwyth, Aberystwyth University, Lincoln, University of Liverpool, University of Reading Locations: Zambia —, United Kingdom, Kalambo, Zambia’s, Tanzania, Kalambo Falls, Zambia, Israel, Europe, what’s

☆ Women’s World Cup: Three Contenders Look to Make Their Move
▼ + stars: | 2023-07-26 | by ( Andrew Das | The New York Times | ) www.nytimes.com time to read: +4 min

The next stretch of games in the Women’s World Cup will see several favorites to win the tournament look to build some momentum — or, in Canada’s case, find some — and display the dominance for which they’re known. Spain, which cruised in its opener, will look to repeat the feat just like Japan did on Wednesday in its win over Costa Rica, 2-0. Spain opened the World Cup in impressive style against Costa Rica. “We weren’t always clicking on the field,” the United States co-captain Alex Morgan said this week. And therein lies the problem facing the United States: that sturdiness, discipline and organization will be tough to break down.

Persons: Hazel Nali, Catherine Musonda, doesn’t bode, Alexia Putellas, Christine Sinclair, “, Bev Priestman, ”, m. E Organizations: Nigeria, Ireland, New Zealand, Vietnam, Ireland Ireland, Australia, Canada, ”, Japan, Costa Rica Japan’s, Zambia Locations: Canada, Spain, Japan, Costa Rica, New, United States, Zambia, Australia, Ireland, JAPAN

☆ ‘We Must Go Faster.’ Yellen Says Rich Nations Must Speed Debt Relief
▼ + stars: | 2023-07-16 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen called on Sunday for international creditors to speed up their efforts to provide debt relief to developing countries facing default, arguing that shoring up their deteriorating finances would benefit the global economy. Speaking in Gandhinagar, India, ahead of a gathering of finance ministers from the Group of 20 nations, Ms. Yellen cited a recent agreement among international creditors, including China, to help Zambia pay its debts. “We should apply the common principles we agreed to in Zambia’s case in other cases rather than starting at zero every time,” Ms. Yellen said. “And we must go faster.”The Treasury secretary noted that more than half of low-income countries are in or near debt distress — double the total from 2015. These nations face a vicious cycle, because heavy public debt levels make it hard to attract public and private investment.

Persons: Janet L, Yellen, ” Ms Locations: Gandhinagar, India, China, Zambia, Ghana, Sri Lanka

"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

☆ A body odor buffet reveals which scents attract mosquitoes
▼ + stars: | 2023-05-19 | by ( Kate Golembiewski | ) edition.cnn.com time to read: +7 min

CNN —Anyone who has spent a summer evening swatting away mosquitoes, or a summer day scratching mosquito bites, can agree: Mosquitoes stink. In a scientific report published Friday, scientists helped pinpoint the different chemicals in body odor that attract these insects by building an ice-rink size testing arena and pumping in the scents of different people. Hundreds of mosquitoes in the main 20-by-20-meter facility were then treated to a buffet of the sleeping subjects’ scents. The researchers found what many who have been on a picnic would attest to: Some people attract more mosquitoes than others. (Vosshall said that even scrubbing with unscented soap doesn’t get rid of the natural scents that attract mosquitoes.)

☆ Goldman Prize winner 2023: Zambian who took on a UK mining giant and won
▼ + stars: | 2023-04-26 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

Chilekwa Mumba Courtesy Goldman Environmental PrizeOn Monday, Mumba, 38, was awarded the 2023 Goldman Environmental Prize for Africa for his work for the community and setting legal precedent. The prize is awarded each year by The Goldman Environmental Foundation, with ceremonies in San Francisco and Washington, DC. CNN has contacted Vedanta and the Zambian state mining company for comments. The government, however, says that approved projects will follow environmental policies set by the Zambia Environmental Management Agency (ZEMA). For Mumba, who now runs an orphanage in the Zambian capital Lusaka with his wife, the battle is far from over.

☆ China in talks on emerging economy debt workout compromise -WSJ
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

April 11 (Reuters) - China is negotiating a compromise plan with other major creditors that could help break a logjam in debt-relief talks for struggling developing nations, the Wall Street Journal reported on Tuesday. Negotiations could then move on to the details of Zambia’s debt restructuring, such as extending repayment deadlines and lowering interest rates. China continues to oppose taking losses on the face value of its loans, people close to Beijing’s decision-making told the paper. Top officials from China will attend the World Bank and International Monetary Fund spring meetings in Washington this week, their first attendance in person in three years after COVID-19 curbs limited them to virtual participation. The Chinese officials are expected to take part in Wednesday's Global Sovereign Debt Roundtable meeting to discuss the matter.

☆ Debt Standoff Between China and U.S. Hurts Poor Countries, Zambia’s President Warns
▼ + stars: | 2023-04-10 | by ( Gabriele Steinhauser | ) www.wsj.com time to read: 1 min

LUSAKA, Zambia—Zambian President Hakainde Hichilema said China and the U.S. have a responsibility to set aside their differences and help countries such as his get the debt relief they need to avoid further damage to their economies. With finance officials from around the world gathering in Washington this week for the International Monetary Fund and World Bank biannual meetings, Mr. Hichilema’s country is emerging as a focal point of discussions on how to restructure poor nations’ debts. U.S. officials have criticized China, now the biggest government lender to the developing world, for failing to write down loans if borrowing countries such as Zambia run into trouble.

CNN —The body of Lemekani Nathan Nyirenda, a fighter recruited by the mercenary group Wagner for combat operations in Ukraine, was returned to Zambia on Sunday. The body was received by Nyirenda’s family and foreign ministry officials, the ministry stated in a series of tweets Sunday. A relative of Lemekani Nyirenda, who died in the conflict in Ukraine in September, is consoled as his coffin arrives at the Kenneth Kaunda International Airport in Lusaka on Sunday. A hearse carrying the remains of Lemekani Nathan Nyirenda at Lusaka's Kenneth Kaunda International Airport. Salim Dawood/AFP/Getty ImagesFlorence Nyirenda, Lemekani Nyirenda's mother, is comforted by family members at the airport in Lusaka, on December 11.

☆ Zambia: One survivor as police find bodies of 27 suspected Ethiopian nationals
▼ + stars: | 2022-12-12 | by ( Nimi Princewill | ) edition.cnn.com time to read: +2 min

CNN —Zambia’s police service says it is investigating the deaths of 27 men, all believed to be Ethiopian nationals, whose bodies were found on Sunday “dumped” by the roadside near the capital, Lusaka. Only one of the men – who were all aged between 20 and 38 years – survived, Mwale said. Some Ethiopian nationals are lured with promises of job opportunities in South Africa but end up being held in dire conditions, according to immigration officials cited by the Lusaka Times. Four more bodies of Ethiopian nationals were found “in a decomposed state” a day after, near the site of the mass grave in Mzimba, Malawi’s police said at the time. In July, Zambia’s immigration officials intercepted more than 50 Ethiopians who were believed to have been smuggled into the country on their way to South Africa.

☆ Russia pardoned Zambian prisoner ‘to join military operation in Ukraine,’ says minister
▼ + stars: | 2022-12-09 | by ( Sebastian Shukla | ) edition.cnn.com time to read: +1 min

CNN —Russia pardoned a Zambian prisoner so that they could be deployed to Ukraine, where they died fighting for the Wagner mercenary unit, Zambia’s foreign affairs minister said Friday. Zambian national Nathan Lemekhani Nyirenda was “pardoned on 23rd August, 2022 in order to join the military operation, in exchange for amnesty,” the minister, Stanley Kakubo, said in Lusaka, adding that this information was provided to him by Russian Foreign Minister Sergei Lavrov. However, it appears that Lavrov also gave the first indication that the Russian government is sanctioning the recruitment of prisoners from Russian prisons for the war in Ukraine. During the summer, the financier of Wagner, Yevgeny Prigozhin, toured Russia’s prisons searching for prisoners to join the war in Ukraine. He was caught on video at multiple Russian prisons giving speeches to potential recruits.

☆ Zambia seeks answers after student imprisoned in Russia dies in Ukraine war
▼ + stars: | 2022-11-15 | by ( ) www.nbcnews.com time to read: +2 min

Zambia has asked Russia to explain how one of its citizens who had been serving a prison sentence in Moscow ended up on the battlefield in Ukraine, where he was killed, Zambia’s foreign affairs minister said on Monday. Stanley Kakubo said in a statement that Russia had notified Zambia about the death in September of Lemekhani Nyirenda, but did not provide details. Russia’s defense ministry did not immediately respond to a request for comment on the circumstances of his journey to Ukraine and subsequent death. His remains have been transported to the Russian border town of Rostov in readiness for repatriation to Zambia, Kakubo added. “We just received a message from a man we do not know in Russia who told us that there was a will, which our son left and we should travel to Russia,” Nyirenda said.

CNN —A Zambian student, jailed in Russia was killed during a battle in Ukraine, Zambia’s foreign ministry said Monday. The student was a 23-year-old student the Zambian government had sponsored to study nuclear engineering at the Moscow Engineering Physics Institute. Nyirenda was convicted in 2020 of unspecified crimes in Russia and sent to prison for nine years and six months. CNN has contacted the Zambian foreign ministry for more information. However many foreign students reported facing segregation and racism at borders.

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