Africa’s debt financing in the spotlight
IN the face of economic challenges, Rwanda has achieved a significant milestone by successfully repaying its $400 million debut Eurobond, after defaults by Zambia and Ghana, which were unable to repay US$3 billion and US$13.2 billion respectively. A statement from the Rwandan Ministry of Finance to The East African, a regional media outlet, indicated that the loan, which was due this month, is now fully repaid, thanks to IMF financing and prudent saving. The report further details that the released amount - US$63 million, equivalent to 15.1% of the 2013 Eurobond - was to repay IMF’s Special Drawing Rights loan…