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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="740" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-1110x740.jpg" alt="" class="wp-image-392963" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229877394-scaled.jpg 2048w" sizes="(max-width: 1110px) 100vw, 1110px" /><figcaption>NETHERLANDS &#8211; 2020/11/29: In this photo illustration, a man holds a syringe with a fake Covid-19 vaccine with the Pfizer logo in the background. (Photo Illustration by Robin Utrecht/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



The Federal Aviation Administration said it supported the “first mass air shipment” of&nbsp;<a href="https://www.cnbc.com/coronavirus/">Covid-19</a>&nbsp;vaccines, as pharmaceutical companies and airlines prepare networks for broad distribution.



<a href="https://www.cnbc.com/quotes/?symbol=UAL">United Airlines</a>&nbsp;carried&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=PFE">Pfizer</a>’s Covid-19 vaccine from Brussels to Chicago O’Hare International Airport on Friday, according to people familiar with the matter.



Ahead of the approvals, pharmaceutical companies, airlines and other parts of the supply chain are preparing for distribution once regulators give a green light, a vast network that will include cold storage to preserve the vaccines.



The Food and Drug Administration hasn’t yet approved a&nbsp;<a href="https://www.cnbc.com/2020/11/30/coronavirus-live-updates.html">Covid-19</a>&nbsp;vaccine. Pfizer, which developed its vaccine with BioNTech, and Moderna both said recent trials show their vaccines are each more than 90% effective in preventing Covid-19 infection.



Pfizer didn’t respond to multiple requests for comment. <a href="https://www.cnbc.com/2020/11/24/texas-hospitals-prepare-to-administer-covid-vaccine-shots-in-less-than-three-weeks.html">Spokeswoman Kim Bencker has previously said</a> the company won’t ship the vaccine until it wins approval from the FDA for emergency use. <a href="https://www.cnbc.com/quotes/?symbol=PFE">Pfizer</a> submitted its application for <a href="https://www.cnbc.com/2020/11/20/covid-19-vaccine-pfizer-will-apply-for-fda-emergency-use-authorization.html">emergency clearance on Nov. 20</a>, and <a href="https://www.cnbc.com/2020/11/09/covid-vaccine-pfizer-drug-is-more-than-90percent-effective-in-preventing-infection.html">the FDA is expected to publicly discuss it</a> when the agency’s Vaccines and Related Biological Products Advisory Committee <a href="https://www.cnbc.com/2020/11/18/fda-said-to-plan-early-december-advisory-meetings-on-covid-19-vaccines.html">next meets Dec. 10</a>. <a href="https://www.cnbc.com/quotes/?symbol=MRNA">Moderna</a> said it plans to <a href="https://www.cnbc.com/2020/11/19/hhs-chief-says-pfizer-is-expected-to-file-fda-application-for-coronavirus-vaccine-friday.html">submit its application</a> Monday.



Some Americans could get their first dose of the vaccine in a few weeks if regulators sign off on either vaccine without delay.



Pfizer’s vaccine requires a storage temperature of minus 94 degrees Fahrenheit. By comparison, Moderna has said its vaccine remains stable at 36 to 46 degrees Fahrenheit, the temperature of a standard home or medical refrigerator, for up to 30 days. It can be stored for up to six months at negative 4 degrees Fahrenheit.



The United flight, first reported by The Wall Street Journal, required special approval from federal regulators to carry more dry ice than is normally allowed, the people said. Vaccines are stored at below-freezing temperatures.



The FAA last month created a special team to address “safe, expeditious, and efficient transportation of vaccines.”



“Several vaccines need continued cold temperatures during transport, which, in some circumstances, require dry ice, a hazardous material,” the FAA said in a statement. “The FAA is working with manufacturers, air carriers, and airport authorities to provide guidance on implementing current regulatory requirements for safely transporting large quantities of dry ice in air cargo.”



Pfizer’s vaccine will initially be very limited. It’s previously said it can make 50 million doses of its two-dose regimen by the end of the year — enough to immunize 25 million of the nation’s roughly 331 million people. The company plans to ship frozen vials of the vaccine to vaccination points from its sites in Kalamazoo, Michigan, and Puurs, Belgium.



Other airlines are also preparing for vaccine shipments.



<a href="https://www.cnbc.com/quotes/?symbol=AAL">American Airlines</a>’ cargo department last week started trial flights with its pharmaceutical partners from Miami to South America “to stress test the thermal packaging and operational handling process we have created for shipping vaccines,” spokeswoman Stacy Day said in a statement.&nbsp;



One challenge ahead is that&nbsp;<a href="https://www.cnbc.com/2020/11/07/coronavirus-cargo-shipments-of-botox-and-cheese-replace-passengers-for-starving-airlines.html">air cargo capacity has</a>&nbsp;been limited because of the pandemic. Since airlines have canceled so many flights, there is less aircraft belly space available to transport goods. United and other airlines, however, have begun operating cargo-only flights to help make up for lost passenger revenue.



Airlines have used their critical role transporting potentially lifesaving vaccines as leverage in seeking additional federal aid while passenger traffic remains a fraction of last year’s levels.



“As the nation looks forward and takes on the logistical challenges of distributing a vaccine, it will be important to ensure there are sufficient certified employees and planes in service necessary for adequate capacity to complete the task,” Airlines for America, a trade group that represents the largest U.S. airlines, said in a Nov. 18 letter to congressional leaders.



Some federal agencies have already started sending vaccination plans around to staff. Five agencies have begun telling employees they could receive Pfizer’s or Moderna’s Covid-19 vaccine in as little as eight weeks,&nbsp;<a href="https://www.cnbc.com/2020/11/20/coronavirus-5-us-agencies-have-started-telling-employees-they-could-get-vaccine-shots-in-8-weeks.html">a person with knowledge of those plans told CNBC on</a>&nbsp;Nov. 20.

In this photo illustration, a man holds a syringe with a

First ‘mass air shipment’ of Pfizer’s Covid vaccine arrives as airlines prepare for more

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1110" height="747" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229695458-1110x747.jpg" alt="" class="wp-image-392964" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229695458-1110x747.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229695458-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229695458-820x552.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229695458-768x517.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229695458-1536x1034.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/12/GettyImages-1229695458-scaled.jpg 2048w" sizes="(max-width: 1110px) 100vw, 1110px" /><figcaption>Oil pumping jacks, also known as &#8220;nodding donkeys&#8221; in an oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020. The flaring coronavirus outbreak will be a key issue for OPEC+ when it meets at the end of the month to decide on whether to delay a planned easing of cuts early next year. Photographer: Andrey Rudakov/Bloomberg via Getty Images</figcaption></figure>



OPEC has warned that the “immense challenges” caused by the Covid-19 pandemic were likely to persist into 2021, as the group of oil producers <a href="https://www.cnbc.com/2020/11/29/opec-alliance-considers-delay-to-its-output-hike.html">failed to come to an agreement </a>over an extension to its production cuts.



“The shock to the oil industry is massive and its severe impacts will likely reverberate in the years to come,” Abdelmadjid Attar, OPEC president and Algeria’s energy minister, told the group on Monday. &nbsp;



“The pandemic continues to rage with cases soaring in many regions around the world. It continues to affect adversely the global economy and, consequently, the world energy markets, in an unprecedented manner.”ADVERTISING



OPEC and allies have since moved to postpone talks through to Thursday, Reuters reported on Monday, citing three unnamed sources, as key players disagreed on how much oil they should pump amid weak demand.



The group, which is comprised of some of the world’s largest crude producers, had initially been expected to outline the next phase of production policy on Tuesday.



Oil prices, which had been on track to increase by over 20% last month, fell early Tuesday. International benchmark&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@LCO.1">Brent</a>&nbsp;crude traded at $47.56, down around 0.65%, while&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=@CL.1">U.S. West Texas Intermediate</a>&nbsp;(WTI) fell 0.66% to $45.02.



<h2 class="wp-block-heading" id="h-current-production-cuts">Current production cuts</h2>



OPEC cut an unprecedented 9.8 million barrels per day in May, as the full economic impact of the coronavirus pandemic started to emerge. The group eased the curbs to 7.7 million barrels per day in August, sensing a tepid recovery in global economic activity.



Under the current agreement, the collective curbs are scheduled to taper again to 5.8 million barrels per day from January – but average demand from Asia, a second lockdown in the United Kingdom, new lockdowns in Europe and the worrying trajectory of the virus in the United States have prompted some ministers to advocate for an extension of the current cuts.



“Our base case remains that the group will err on the side of caution and heed the market’s anxieties stemming from the virus resurgence on both sides of the Atlantic and unite behind a 3 months delay in its next phase 1.9m b/d of tapering to April 2021,” said Ehsan Khoman, head of MENA research and strategy at MUFG, in a recent research report.



“Absent any unforeseen event risks leading up to the meeting, we do not anticipate much price action post-meeting given markets have all but priced in a 3 months extension.”



However, some members of the group are arguing against the length and depth of the extension, pointing to optimism over promising vaccine results which have helped to push oil prices to their highest level since March, further complicating ability to reach a consensus.&nbsp;



It is understood that some members of the group, including Iraq and the UAE, have expressed misgivings about its policy over supply.



“It is hard to keep up morale and entice people to keep swallowing a bitter pill when relief seems close,” said Cornelia Meyer, an independent energy analyst.&nbsp;



<h2 class="wp-block-heading" id="h-oil-demand-continues-to-lag">Oil demand continues to lag</h2>



OPEC expects global oil&nbsp;demand to&nbsp;decline&nbsp;by around&nbsp;9.8 million barrels per day this year, as the second wave of the pandemic and related lockdowns put a damper on the worldwide appetite for crude. It forecasts global economic growth to slump 4.3 percent.



“The road to recovery is long and bumpy,” Attar said, but added: “There are signs of light at the end of the tunnel.” Next year, the group expects the&nbsp;global economy to&nbsp;return to growth, expanding by an estimated at&nbsp;4.4 percent. Oil demand growth is forecast at or around&nbsp;6.1 million barrels per day.



“The brighter outlook for 2021 gives us cautious optimism and is a clear indication that we are on the right path,” Attar added.



&#8211; Sam Meredith contributed to this report

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Times of stress tend to amplify our human nature, including the way that we spend and save money.



While stuck at home during Covid-19, for example, some might be&nbsp;<a href="https://www.cnbc.com/2020/04/09/its-easy-to-mindlessly-spend-right-nowheres-how-to-avoid-it.html">itching to spend</a>&nbsp;or take advantage of upcoming Black Friday and Cyber Monday sales — experts say that&nbsp;<a href="https://www.cnbc.com/2020/03/23/should-you-stress-shop-online-right-now.html">stress-shopping</a>&nbsp;is one way we attempt to feel in control of our lives.



Others might be more <a href="https://www.cnbc.com/2020/04/15/if-you-didnt-get-your-stimulus-check-already-heres-when-its-coming.html">anxious about finances</a> or worried about <a href="https://www.cnbc.com/2020/04/17/what-to-know-about-severance-insurance-and-benefits-if-youre-laid-off.html">job security</a>.  



Even when there’s no pandemic, the way that people spend or save says more about a person than whether they have self control.



Experts don’t exactly how why you end up with a propensity to splurge or save, but part of it likely has to do with your&nbsp;<a href="https://www.forbes.com/sites/learnvest/2016/08/10/science-says-you-really-can-blame-your-parents-for-your-bad-money-habits/#43c9c37811e2" target="_blank" rel="noreferrer noopener">family upbringing</a>,&nbsp;<a href="https://michiganross.umich.edu/faculty-research/faculty/scott-rick" target="_blank" rel="noreferrer noopener">Scott Rick</a>, associate professor at the Michigan Ross School of Business, whose research focuses on the emotional causes and consequences of consumer financial decision-making, tells&nbsp;<a href="https://www.cnbc.com/make-it/">CNBC Make It</a>.



It’s topic researchers are currently studying in kids, but preliminary data suggests that people tend to pick up the spending habits of their mothers more than other family members.



Individual life experiences also play a role, Rick says. For example, if you lost a large amount of money at a key moment in your life, it might make you stingier about money. Or if you went through a period of time when your money was tight, you might hold onto those habits even when your situation improves.



Interestingly, the amount of money you make doesn’t impact whether you’re a spender or a saver, Rick says. (Although, obviously your propensity to spend or save does impact the amount of debt and savings you have.)



All of these factors make up your “money scripts,” or your beliefs and emotional connection to money, explains <a href="https://www.yourmentalwealth.com/about-us/dr-brad-klontz/" target="_blank" rel="noreferrer noopener">Brad Klontz</a>, psychologist and founder of the Financial Psychology Institute. “They get adapted as you go through life by watching other people, your culture, your neighborhood and your friend group,” he tells CNBC Make It.



Broadly speaking, your willingness to spend money seems to hinge upon one factor: how psychologically uncomfortable you feel when you have to part with your money, explains&nbsp;<a href="https://olin.wustl.edu/EN-US/Faculty-Research/Faculty/Pages/FacultyDetail.aspx?username=cryder" target="_blank" rel="noreferrer noopener">Cynthia Cryder</a>, associate professor of marketing at Washington University in St. Louis’ Olin Business School.



It “predicts things like how much money they have saved, and how much credit card debt they have,” Cryder tells CNBC Make It.



Here’s what your habits say about you and your personality.&nbsp;The good news, according to Cryder, is that no matter where you are on this financial spectrum, it is possible to adjust your ways.



<h2 class="wp-block-heading" id="h-if-spending-money-stresses-you-out">If spending money stresses you out…</h2>



People who have trouble spending money “experience a lot of distress when they’re considering spending,” Rick says. “So, they don’t buy the things that they think they should buy or want to buy.”



They also tend to have more self-control, act more rationally and plan more, Rick says. They’re prone to overthinking things, says Rick, as well as being flustered by thoughts about money.



“For those people, spending money becomes excruciating because they feel like they’re making themselves vulnerable,” Dr. Klontz says.



Some people who have trouble spending don’t allow themselves the opportunity to enjoy their resources, Dr. Klontz says. “People can be so worried about future that they don’t allow themselves to have any joy in the present moment,” he says. Of course, if you’ve recently lost your job or had to close your business due to the pandemic, that can drastically skew the way you view your finances, too.



For these reasons, people who have trouble spending money may be a little less happy in their lives, because they’ve foregone some purchases or experiences that would’ve made them happy, Cryder says. (And they aren’t just skimping on indulgences; they don’t buy practical things such as financial advice and furniture, Rick says. “Some of tightwad-ism is penny wise and pound foolish,” he says.)



“But having a little bit too much money in your savings account is a much smaller problem than having too little,” she says.



<h2 class="wp-block-heading" id="h-if-you-love-shopping-and-spending">If you love shopping and spending…</h2>



People who have trouble limiting their spending, on the other hand, are more carefree and focused on the present, so they&nbsp;only see green lights when it comes to shopping decisions. They don’t experience the same sting from making purchases, which is why they often buy more than they think they should, Rick says. There also seems to be a relationship between being a spendthrift and being bored and more materialistic, Cryder says.



But a person’s propensity to spend is deeper than just keeping up with the Joneses, Dr. Klontz says. Buying things can be fun, and it helps us connect with other people. Over time, you might develop a sense of pride or status around buying items that’s “totally linked into this psychological need we have to be accepted by our peer group,” he says.&nbsp;



<h2 class="wp-block-heading" id="h-if-you-re-frugal-and-strict-about-saving">If you’re frugal and strict about saving…</h2>



“Frugal people love to save; they think it’s the right thing to do,” Rick says. Technically, there’s a difference between being frugal and actually having trouble spending money. Frugal people might go to great lengths to save and not waste. They may repair their clothes instead of buying new ones or get a kick out of shopping at secondhand stores, for example. People who are stressed out by spending don’t necessarily share the same quirks, they just don’t like spending money, period.



“It’s good to be frugal,” Rick says. And if you’re frugal and spending stresses you out, “that person is going to be particularly likely to have a large pot of savings and small or nonexistent credit card debt,” Cryder says. “Whereas if you have somebody who’s both a spendthrift and gets little to no pleasure from saving, then they’re likely to be spending more.”



However, there’s status associated with being frugal, which can add a competitive element that cancels out some of the benefits, Dr. Klontz says.



″We’re always thinking about status as being related to overspending or really beautiful watches,” he says. “Well, there’s an entire group that is trying to outdo each other on how frugal they can be.”

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<div class="wp-block-image wp-image-392571 size-full"><figure class="aligncenter"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/11/106800863-1606139583729-GettyImages-1229626160.jpg" alt="" class="wp-image-392571" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/11/106800863-1606139583729-GettyImages-1229626160.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/11/106800863-1606139583729-GettyImages-1229626160-300x169.jpg 300w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>CHONGWE (ZAMBIA), Nov. 13, 2020 (Xinhua) &#8212; Zambian President Edgar Lungu delivers a speech at the launch of blueberry export to China in Chongwe, Zambia, on Nov. 13, 2020. Zambia on Friday flagged off its inaugural export of fresh blueberries to China, becoming the first country in southern Africa to enter the huge Chinese market. Xinhua/Martin Mbangweta via Getty Images</figcaption></figure></div>



Zambia last week opted to bow out of a $42.5 million eurobond repayment, becoming the first African nation to default on its debt in the Covid-19 era.



On Wednesday, Fitch Ratings downgraded a key rating for Zambia from CC to Restricted Default. S&amp;P Global Ratings had already reduced its equivalent rating to Selective Default ahead of the expiry of a 30-day grace period and a creditor meeting on Nov. 13, citing the Zambian government’s assertion that it “will not make debt service payments.”



Fitch also withdrew ratings on Zambia’s two remaining eurobonds, on the assumption that either missed repayments or a new restructuring plan would also see these fall into default. Eurobonds are debt instruments denominated in a currency other than that of the issuer.



The country’s&nbsp;<a href="https://www.cnbc.com/2020/10/26/africa-could-be-about-to-see-its-first-post-covid-default-.html">debt profile has been spiraling</a>&nbsp;in recent years owing to issues predating the pandemic, leaving creditors wrangling over who should take losses on loans.



Zambia is Africa’s second-largest copper producer, and as copper prices have plummeted over the past three years, servicing repayments on its estimated $11 billion debt pile has become increasingly difficult.



The country last issued a eurobond in 2015, before its debt starting spiraling out of control, with many of the country’s infrastructure projects financed by Chinese loans as part of&nbsp;<a href="https://www.cnbc.com/2019/11/21/chinas-2-billion-ghana-deal-fears-over-debt-influence-environment.html">Beijing’s sweeping Belt &amp; Road initiative</a>.



As such, eurobond investors had sought greater clarity from the government over Zambia’s Chinese debt obligations, concerned that further debt financing will be used to pay off China before themselves.



All eyes are now on a potential International Monetary Fund bailout package, and NKC African Economics Senior Financial Economist Irmgard Erasmus said the IMF would play a crucial role in any negotiations.



“We believe an orderly process towards a bond swap agreement will require the mediating role of the IMF in its capacity as policy linchpin, which in turn rests upon the assumption that the Fund will support Zambia under a formal Extended Credit Facility (ECF) programme,” Erasmus wrote in a note Thursday.



“The absence of this linchpin risks a prolonged, acrimonious restructuring process which will be accompanied by a protracted growth shock.”



An IMF delegation is scheduled to travel to Zambia early next month, but Erasmus suggested the fund was likely to demand greater progress on Zambia’s liability management before offering a formal bailout program.



<h2 class="ArticleBody-subtitle wp-block-heading" id="h-no-easy-way-out"><a id="headline0"></a>‘No easy way out’</h2>



Robert Besseling, executive director of risk consultancy EXX Africa, said there was no guarantee that Zambia would be able to quickly restructure its eurobonds or other debt instruments.



“There’s no easy way out here really. I mean Zambia needs to continue to balance the priorities of international bonds versus commercial credits, versus Chinese project finance loans and World Bank, AfDB (African Development Bank) loans and see which ones are the most important,” Besseling told CNBC via telephone from Johannesburg Friday.



Besseling also noted that Zambia had made a repayment on a World Bank loan two days before defaulting on the eurobond, indicating where the government’s priorities lie. He suggested that Chinese commercial and international bonds would likely fall to the bottom of the pecking order and experience a series of defaults from Zambia.



“You’ll see that the repayments on the development finance institutions’ loans, like the World Bank and the AfDB, are likely to be continued, because this all needs to be taken into the political context of elections next year,” he said.



“The World Bank is providing huge development funding which is important for the government to continue because that has an actual impact on people’s lives and will be an electoral advantage for them.”



Zambians will head to the polls in August 2021, with President Edgar Lungu seeking a third term and expected face stiff competition from the opposition United Party for National Development (UPND).



Besseling projected a “gradual, managed lead up” to the elections, with the government prioritizing paying back development financing loans. But he added that Lungu’s ruling Patriotic Front would likely reach out to the IMF should it win re-election, at a time when the more “unpalatable” conditions that will likely be imposed by the Fund are seen as a worthwhile sacrifice to shore up the economy.

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