Zambia: The canary in the (debt crises) mine?
Zambia became the first country to default on its sovereign debt as a result of Covid-19. What are the implications of this development in the context of the recently announced G20 initiative for a "Common Framework for Debt Treatments Beyond the DSSI"? Is Zambia a herald of things to come to other developing countries? How is the crisis affecting the lives and livelihoods of the Zambian people?
Participants:
Moderation: Iolanda Fresnillo (Eurodad).
Panelists: Tim Jones (Jubilee Debt Campaign UK), Muchimba S. Siamachoka (JCTR Zambia).
Respondents: Jason Braganza (Afrodad), Juana Sotomayor (Representative from the office of the UN Independent Expert on Foreign Debt).
Organised by: JCTR, Afrodad, Eurodad, Jubilee Debt Campaign UK, Erlassjahr.
Useful documents shared during the event:
- The report of the IE foreign debt for the UN General Assembly, available in English and French.
- JCTR and Afrodad's recent article on the situation in Zambia.
- Information for the 2014 Eurobond here.
- Markets insider link to see the price the bond was traded at, at various times.
- Jubilee Debt Campaign calculations of what it means for a speculator's profit, what price a bond has traded at, here.
- Jubilee Debt Campaign's guide to understanding and accessing debt information
- To read more on debt owed to private creditors by five African countries – Ghana, Kenya, Nigeria, Senegal and Zambia, including Zambian bondholders, see JDC's briefing.
- More on the commercial bank lenders (56% of the debt is owed to banks in the UK, 20% to private banks in China) here by JDC.
- Here Jubilee Debt Campaign's proposals on how to increase lending transparency.
- If you wish to have more information on how Afrodad is coordinating CSOs voices to submit to the AU Finance meeting, UN FfD, and several national level movements, please contact Jason Braganza on [email protected]
This webinar was organised with the financial support of the European Union and Brot fur die Welt. Its contents are the sole responsibility of Eurodad and its partners and do not necessarily reflect the views of the European Union and Brot fur die Welt.