State utility company Eskom has been struggling to maintain its national power supply as its coal-powered plants continue to age and break down. Marie Francoise Marie-Nelly, the World Bank’s director for South Africa, revealed that the loan would be awarded to the government rather than Eskom.

“It’s a policy development loan which supports critical reforms,” Marie-Nelly explained, adding, “There’s a particular focus on transmission, because it is a stumbling block in terms of bringing new (capacity) that is going to be built mainly by the private sector.” Although no specific date was given, Marie-Nelly mentioned that the loan is “going to come very soon.”

The post South Africa in Talks With World Bank Over $1 Billion Loan appeared first on theprimarymarket.com.

International Monetary Fund Managing Director Kristalina Georgieva claimed that despite the lack of progress, the Group of 20 had at least set the stage to solve such debt issues. “While there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors,” she explained.

World Bank president David Malpass seemed to be in agreement with Georgieva as he stated his desire to develop a problem-solving process at Saturday’s roundtable discussion.

During the discussion, debt-ridden countries were given an opportunity to air their concerns to the World Bank. As a result of the deadlock that followed, restructuring programs for struggling nations such as Zambia and Sri Lanka continue to be stalled.

“We should work together to achieve solutions – Zambia MOU, Ghana official creditors’ committee, Ethiopia rescheduling, and Sri Lanka financial assurances. All of which can be done in the next few months if there is agreement at the table,” Malpass commented.

The post Debt Restructuring Talks at G-20 Meeting See Little Progress appeared first on theprimarymarket.com.

State utility company Eskom has been struggling to maintain its national power supply as its coal-powered plants continue to age and break down. Marie Francoise Marie-Nelly, the World Bank’s director for South Africa, revealed that the loan would be awarded to the government rather than Eskom.

“It’s a policy development loan which supports critical reforms,” Marie-Nelly explained, adding, “There’s a particular focus on transmission, because it is a stumbling block in terms of bringing new (capacity) that is going to be built mainly by the private sector.” Although no specific date was given, Marie-Nelly mentioned that the loan is “going to come very soon.”

The post South Africa in Talks With World Bank Over $1 Billion Loan appeared first on theprimarymarket.com.

International Monetary Fund Managing Director Kristalina Georgieva claimed that despite the lack of progress, the Group of 20 had at least set the stage to solve such debt issues. “While there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors,” she explained.

World Bank president David Malpass seemed to be in agreement with Georgieva as he stated his desire to develop a problem-solving process at Saturday’s roundtable discussion.

During the discussion, debt-ridden countries were given an opportunity to air their concerns to the World Bank. As a result of the deadlock that followed, restructuring programs for struggling nations such as Zambia and Sri Lanka continue to be stalled.

“We should work together to achieve solutions – Zambia MOU, Ghana official creditors’ committee, Ethiopia rescheduling, and Sri Lanka financial assurances. All of which can be done in the next few months if there is agreement at the table,” Malpass commented.

The post Debt Restructuring Talks at G-20 Meeting See Little Progress appeared first on theprimarymarket.com.