Zambia becomes the first African nation to default on its debts in the pandemic era.
The G20 nations, made up of the world’s biggest economies, struck an historic agreement on restructuring debt for some of the world’s poorest nations.
It goes beyond the current deal to freeze debt repayments until June of next year.
It is significant because it includes China, which has been reluctant to sign up to any deal that would cancel or restructure debts.
Despite the deal, Zambia has defaulted on its debt.
Plus: Extraordinary times call for extraordinary measures. We explain why central banks are thinking about introducing negative interest rates.
And, Brazil drops out of the ranking of the top 10 economies.