Would you like to receive notifications on latest updates of the following headlines?

President Hichilema Meets Xi Jinping Amid Zambian Debt Woes

POSTED ON December 30, 2023 •   Energy      BY Segun Adewole
Chinese President Xi Jinping held a crucial meeting with Zambian President Hakainde Hichilema in Beijing on Friday, according to state media reports. The meeting comes at a pivotal moment for Zambia, which is heavily indebted and is working to bolster its relationship with its principal creditor, China, which also holds significant stakes in Zambia's mining sector. China had previously launched an extensive infrastructure initiative in Zambia, involving the development of new airports, roads, and energy projects. However, this effort was initiated prior to Hichilema's assumption of office in 2021. Notably, President Hichilema has fostered increasingly close ties with the United States. President Joe Biden has praised Hichilema's commitment to democracy during US-Africa and democracy summits. During their meeting on Friday, President Xi stated that the friendship between China and Zambia had endured international challenges and changes. He expressed China's willingness to convert this friendship into an enduring catalyst for mutually beneficial cooperation in the new era, aiming to steadily advance relations between the two nations. Hichilema, in response, conveyed Zambia's admiration for China's active role in reshaping the global order, emphasizing the importance of the global South finding its rightful place in the world. Zambia's financial struggles are underscored by its total debt of $32.8 billion as of the end of 2022. The country defaulted on its $18.6 billion foreign debt in 2020 during the height of the Covid-19 pandemic, becoming the first African nation to default on its foreign debt since the pandemic's onset. In late June, after a two-day summit hosted by French President Emmanuel Macron in Paris, a debt restructuring deal was reached with foreign lenders, covering approximately one-third of the debt burden. Zambia's ongoing efforts to manage its debt crisis and navigate its international relationships are of significant interest to global financial markets and geopolitical observers.
READ ALSO
Surge in demand as oil marketers pursue Dangote Refinery's bulk-purchase agreement for price stability
BY Abiodun Saheed Omodara January 17, 2025 0

NIGERIA- Enticed by the incentives of the bulk-purchase agreement offered by the Dangote Petroleum R...

READ ALSO
Power generation increased by 30% in 2024- Adelabu
BY Abiodun Saheed Omodara January 14, 2025 0

NIGERIA (NAN) - The minister of power, Adebayo Adelabu, on Monday has said that power generation in...

READ ALSO
Obi retracts statement on National Grid collapse, Praise TCN
BY Abiodun Saheed Omodara January 12, 2025 0

NGERIA- The former presidential candidate of the Labour Party (LP) in the 2023 elections, Peter Obi,...

READ ALSO
Warri refinery commence operation, after decade of inactive-NNPC
BY Abiodun Saheed Omodara December 30, 2024 0

WARRI, Delta- The Nigerian National Petroleum Company Limited (NNPC Ltd) on Monday said Warri refine...

READ ALSO
OPEC reaffirm commitment to oil market stability
BY Abiodun Saheed Omodara December 6, 2024 0

NIGERIA- The 38th session of the Joint Ministerial Monitoring Committee (JMMC) of the Organization o...

READ ALSO
Port Harcourt Refinery Resumes Production: A Major Milestone Amid Economic Challenges
BY Abiodun Saheed Omodara December 4, 2024 0

PORT HARCOURT- The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has con...

READ ALSO
Electricity bill to address power problems, insecurity – Sanwo-Olu
BY Abiodun Saheed Omodara December 4, 2024 0

The Lagos Governor, Babajide Sanwo-Olu, has said the Lagos Electricity Bill 2024 newly signed into l...

READ ALSO
FG starts free CNG service in Abuja
BY Abiodun Saheed Omodara December 3, 2024 0

The Federal Government has commenced a free Compressed Natural Gas bus service in Abuja to ease tran...

OUR CHANNELS:

EU assures continue support for Nigeria’s democracy
BY Abiodun Saheed Omodara January 30, 2025 0

ABUJA – The European Union (EU) has reaffirmed its unwavering commitment to strengthening...


Tinubu Returns to Nigeria From Tanzania
BY Abiodun Saheed Omodara January 30, 2025 0

President Bola Tinubu has returned to Abuja following his attendance at the Africa Heads of State En...


Obi emphasises focus on Nigerians' welfare, seek coalition for 2027 elections
BY Abiodun Saheed Omodara January 30, 2025 0

Labour Party presidential candidate Peter Obi has expressed his willingness to a coalition ahead of...


FAAN ease traffic congestion, suspends access gate fees at Abuja Airport
BY Abiodun Saheed Omodara January 28, 2025 0

The Federal Airports Authority of Nigeria has announced the suspension of all access gate fees at th...


Obasa challenges removal as Speaker, Denies corruption allegations
BY Abiodun Saheed Omodara January 27, 2025 0

The impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has faulted his removal...


Court orders woman to pay N150, 000 for boyfriend emotional distress
BY Abiodun Saheed Omodara January 27, 2025 0

A Magistrate Court in Ilesa, Osun State, has ordered Rhoda Adu to pay N150,000 in damages for not vi...


U.S. halts all foreign aid, exempt Israel, Egypt amid 'America First' Policy Shift
BY Abiodun Saheed Omodara January 30, 2025 0

USA (AFP) - The United States, the largest donor globally, halted nearly all foreign aid on Friday,...


NELFUND reaffirms commitment to affordable education
BY Abiodun Saheed Omodara January 28, 2025 0

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has reiterat...


Edo report eight Lassa Fever deaths, 56 cases
BY Abiodun Saheed Omodara January 26, 2025 0

Edo State has reported 56 cases of Lassa Fever and eight fatalities from December 30, 2024, to Janua...


Olamide teases fans with new project announcement, After Idan Buruku
BY Abiodun Saheed Omodara January 25, 2025 0

After thrilling fans with "Idan Buruku," an electrifying freestyle that takes listeners back in time...


More Articles

Load more...

Menu