Rachel Savage
Reuters Top News
United Kingdom
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Past articles by Rachel:
Infant mortality rises when sovereign debt defaults drag on, study says
Infant mortality rises and life expectancy falls when sovereign debt defaults are not quickly resolved, a study said on Wednesday, as negotiations to restructure the debts of countries including Zambia, Sri Lanka and Ghana drag on. → Read More
Baba Go-fast? Nigeria's Tinubu stuns wary investors with quick reforms
Nigeria's new president, in office for less than a month, is pushing to put Africa's largest economy on a reform track that investors have eyed for decades, fuelling excitement that money could flow to a nation that many had deemed uninvestible. → Read More
Explainer: What is at stake for investors in Nigeria's election?
Voters in Nigeria go to the polls on Feb. 25 and international investors are cautiously hopeful that whoever is elected as the next president of Africa's largest and most populous economy will be more market-friendly than the current government. → Read More
China development loans to emerging economies hit 13-year low in 2021
Loans committed by China's two main trade policy banks fell to a 13-year low of $3.7 billion in 2021 due to Beijing curtailing funding for large-scale oil projects, a study from Boston University Global Development Policy Center showed. → Read More
Zambia received 'debt-for-nature' proposal from WWF for $13 bln restructuring
Zambia received a 'debt-for-nature swap' proposal as part of its $13 billion restructuring discussions, a move that while complex to secure and not part of current talks, could set an eco-friendly precedent for other debt crises if eventually included. → Read More
Central African Republic delays crypto token listing, cites 'market conditions'
The Central African Republic, which adopted bitcoin as legal tender in April, said on Monday it had delayed listing its national cryptocurrency token, citing "current market conditions" and "marketing reasons." → Read More
Explainer: Who holds Ghana's debt and what restructuring is planned?
Ghana has begun restructuring its debt by rolling out a plan to swap $10.5 billion in local bonds with new ones, seeking IMF help and by preparing a proposal to restructure its foreign debt as the West African country struggles with its worst economic crisis in a generation. → Read More
Zambia on track for debt restructuring next quarter -finance minister
Zambia is pushing hard to complete the restructuring of nearly $15 billion of external debt in the first quarter of 2023 and is "in active engagement" with its largest bilateral creditor China, Zambia's finance minister said in an interview at the Reuters NEXT conference. → Read More
Sri Lanka's debt to China close to 20% of public external debt -study
Sri Lanka owed Chinese lenders $7.4 billion - nearly a fifth of its public external debt - by the end of last year, calculations by the China Africa Research Initiative (CARI) published on Wednesday showed, an estimate higher than many others. → Read More
EXCLUSIVE Zambia says EximBank to represent Chinese lenders in debt talks
The Export-Import Bank of China (EximBank) will lead Beijing's team to renegotiate nearly $6 billion of loans that Zambia owes to Chinese state-owned creditors, the country's finance ministry told Reuters on Thursday. → Read More
Johannesburg LGBT+ Pride marches on despite U.S. terrorism warning
Thousands of people took part in Johannesburg's first LGBT+ Pride march since the COVID-19 pandemic on Saturday despite U.S. warnings of a possible terrorist attack in the area. → Read More
Zambia finance minister eager to renegotiate debt, awaits China's team
Zambia's finance minister said on Saturday it is still unclear who will be leading talks for renegotiating its nearly $6 billion debt with China, the largest bilateral creditor of the first African sovereign default in 2020 after the COVID-19 pandemic hit. → Read More
Exclusive: Ethiopia debt relief delay partly due to civil war, state finance minister says
Delays in restructuring Ethiopia's debt due to the failings of a new global mechanism for resolving debt problems are "disappointing," the east African nation's state finance minister said on Saturday, adding that he planned to raise it with the head of the IMF later in the day. → Read More
Zambia's bondholders slam IMF debt relief targets as 'arbitrary'
Zambia's international bondholders have criticised the International Monetary Fund's debt restructuring framework as "arbitrary" and for excluding the country's domestic debt, sources involved in the process have told Reuters. → Read More
Analysis: China debt restructuring policy under scrutiny as more countries demand relief
In August, China's ambassador to Zambia took to the stage at a new conference centre in the capital Lusaka, which he called "a gift from the Chinese government to our Zambian friends", to speak about lending to the debt-laden southern African country. → Read More
Zambia debt relief pledge clears way for $1.4 billion program, says IMF
Zambia's creditors pledged to negotiate a restructuring of the country's debts on Saturday, a move IMF managing director Kristalina Georgieva welcomed as "clearing the way" for a $1.4 billion Fund program. → Read More
Central African Republic launches 'Sango Coin' cryptocurrency amid industry rout
Central African Republic will start selling a cryptocurrency it says will be worth $21 million next week, it said on Friday, amid a wider rout in the industry and scepticism over the project's feasibility in a poorly connected, war-torn country. → Read More
African states' private debts three times that owed to China
African countries' debts with China are a third of what they owe non-Chinese private lenders, while interest rates are just over half, according to a report published on Monday amid a debate about the role of the world's largest bilateral creditor. → Read More
Nigeria minister: 'wrong time' to remove fuel subsidies
Now is the wrong time to remove Nigeria's costly fuel subsidy, Information Minister Lai Mohammed said on Monday, noting many other nations were introducing measures to help citizens cope with high oil energy prices. → Read More
Central African Republic President: Crypto is key to financial inclusion
Cryptocurrencies are the solution to tackling financial exclusion in the Central African Republic, its President Faustin-Archange Touadera said on Sunday, citing the cost of opening bank accounts. → Read More