South Africa Avoiding Debt Plan; Zambia Joins

South Africa made it clear it wasn’t seeking any type of debt suspension to fight the coronavirus pandemic, with such measures likely hurting more than they would help due to the high domestic ownership of securities, BloombergQuint reported. “There are a few countries, such as Egypt and South Africa, that aren’t among those” seeking to be involved in debt standstill talks being coordinated by the Institute of International Finance, special envoy Trevor Manuel said in response to emailed questions. “South Africa has primarily borrowed from domestic capital markets.” While South Africa isn’t eligible for the G-20 plan, as it doesn’t belong to the world’s 73 poorest nations, Manuel’s arguments highlight the risks some countries need to consider when asking for a deferral of obligations. Read more