{"id":20747,"date":"2022-04-16T20:04:02","date_gmt":"2022-04-16T20:04:02","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock"},"modified":"2022-04-16T20:13:44","modified_gmt":"2022-04-16T20:13:44","slug":"we-are-not-making-significant-profits-from-zambias-debt-blackrock","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock","title":{"rendered":"We are not making significant profits from Zambia\u2019s debt-BlackRock"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>A BlackRock Spokesperson has disputed estimates of potential gains by campaigners championing the cancellation of Zambia\u2019s debt. Activists have claimed BlackRock could make $180 million profit out of its investment in Zambian bonds if the debts are paid in full.<\/p>\n

The New York Headquartered firm said in a statement that there had not been any significant increases in its holdings of Zambian debt since September 2020 \u201cother than as required to ensure the funds remain near or at the benchmark\u201d.<\/p>\n

They added: \u201cThe money invested in bonds by asset managers is predominantly the money of ordinary people saving for retirement. None of the money is the asset manager\u2019s.\u201d<\/p>\n

The company said any decision on restructuring these bonds must therefore be balanced against the duty of the asset manager to protect the savings of the millions of people whose money was lent to these countries, while at the same time recognising the difficult circumstances they are facing from the challenges posed by Covid-19.<\/p>\n

The spokesperson said the firm had \u201cno discretion\u201d to sell bonds held in index funds, \u201cso it is in our clients\u2019 interests for these countries to thrive and succeed\u201d. And on Wednesday, protestors staged demonstrations outside of Blackrock\u2019s Edinburgh office to demand that the company cancels Zambia\u2019s debt.<\/p>\n

On the day BlackRock announced its annual earnings, campaigners from Global Justice Now and Jubilee Scotland were demonstrating for Blackrock, one of Zambia\u2019s largest known bondholders, to write off the country\u2019s debts as it struggles to recover from the pandemic.<\/p>\n

Activists arrived outside of BlackRock\u2019s office in the capital with a large pi\u00f1ata in the shape of a black rock with one campaigner in a suit and a Larry Fink mask \u2013 CEO of BlackRock \u2013 holding it up for other protestors to hit.<\/p>\n

The contents of the pi\u00f1ata were said to symbolise many of the things Zambia will continue to have restricted access to until its debt is cancelled such as money, medical equipment and renewable energy.<\/p>\n

Zambia\u2019s debt payments to asset managers such as BlackRock will also render Scotland\u2019s aid funding to the country \u201cvirtually insignificant\u201d, campaigners warn.<\/p>\n

Zambia is one of the Scottish Government\u2019s international development partner countries but its debt repayments for 2021 were 75 times more than the aid money Zambia received from the Scottish Government in the previous five years combined, according to campaigners.<\/p>\n

Liz Murray, head of Scottish campaigns at Global Justice Now, added: \u201cZambia\u2019s ability to respond to the Covid-19 pandemic and the climate emergency is being massively undermined by the debt repayments that it is having to make to banks right here in Scotland, such as BlackRock.<\/p>\n

\u201cWhile BlackRock is making huge profits, people in Zambia are going without vital medical supplies and access to education. That\u2019s a global scandal that must end.<\/p>\n

\u201cWe echo the call of our friends in Zambia for BlackRock to cancel Zambia\u2019s debt.\u201d<\/p>\n

Line Christensen, campaign director at Jubilee Scotland said: \u201cThe aid money given by Scotland to Zambia is being dwarfed by the huge repayments that Zambia is being forced to make to private creditors like BlackRock.<\/p>\n

\u201cBig banks often pile crippling interest on low-income countries\u2019 debts, locking them in a never-ending cycle of payments that prevent investment in crucial infrastructure, education, and health services -and they haven\u2019t let up during the pandemic.\u201d Protesters outside of Blackrock\u2019s Edinburgh office to demanding that the company cancels Zambia\u2019s debt.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. A BlackRock Spokesperson has disputed estimates of potential gains by campaigners championing the cancellation of Zambia\u2019s debt. Activists have claimed BlackRock could make $180 million profit out of its investment in Zambian bonds if the debts are paid in full. The New York Headquartered firm said in a statement that there had […]<\/p>\n","protected":false},"author":84,"featured_media":20746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,16],"tags":[234,235,233],"class_list":["post-20747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nWe are not making significant profits from Zambia\u2019s debt-BlackRock - Zambia<\/title>\n<meta name=\"description\" content=\"A BlackRock Spokesperson has disputed estimates of potential gains by campaigners championing the cancellation of Zambia ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We are not making significant profits from Zambia\u2019s debt-BlackRock\" \/>\n<meta property=\"og:description\" content=\"A BlackRock Spokesperson has disputed estimates of potential gains by campaigners championing the cancellation of Zambia ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-16T20:04:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-16T20:13:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/04\/img-625b2359ee151.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"We are not making significant profits from Zambia\u2019s debt-BlackRock\",\"datePublished\":\"2022-04-16T20:04:02+00:00\",\"dateModified\":\"2022-04-16T20:13:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock\"},\"wordCount\":596,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/04\/img-625b2359ee151.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/we-are-not-making-significant-profits-from-zambias-debt-blackrock\",\"name\":\"We are not making significant profits from Zambia\u2019s debt-BlackRock - 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