When it was announced in 2023 that the African Union would become a full member of the G20, I darkly joked on a podcast that the AU’s entry into the body could very well mark the moment the G20 lost its status as one of the most important global coordination forums. Mark my words, I said, soon The Economist will be like “Uhhh, the G20 is OVER – it’s the ...
Day: June 26, 2023
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How Chinese Construction Giant Sinohydro Benefits From Sanctions and Power Shortages in Zimbabwe
Sanctioned and isolated by the West, Zimbabwe’s economy has taken a beating for more than two decades, but in that period, some Chinese companies have stuck it out and become favorites, winning contracts for big-ticket projects.
Welcome to the New Era Where China Writes the Rules
Everyone's hailing the Zambian debt restructuring agreement that was unveiled on Friday in Paris as a major breakthrough in debt relief for the world's poorest countries. While we don't have a lot of information about what's specifically stipulated in the deal, ...
Zambia’s Landmark Debt Deal Highlights China’s Success in Setting New Rules for Development Finance
Zambian President Haikinde Hichilema looked visibly relieved following Friday's announcement that the country's creditor committee had finally reached an agreement to restructure $6.3 billion of bilateral external debt. The deal that took more than two years to finalize was unveiled by ...
Investors Cautiously Optimistic About Zambia Debt Deal, But Still Wary About China’s Role
Investors welcomed the news of Zambia's debt restructuring deal with a mini rally on Friday in the country's dollar-denominated bonds. Government bonds from Ghana, Pakistan and Sri Lanka also saw similar bumps prompted by new optimism their debt restructurings will follow Zambia's example.
Chinese Media Noticeably Quiet on Zambian Debt Deal
Most major financial news outlets in the U.S. and Europe featured prominent coverage of Friday's landmark Zambian debt restructuring deal but the story was barely mentioned in China. The official state-run Xinhua news agency published a short summary of the announcement but, ...
Hichilema Refutes Western Accusations China Was to Blame for Delays in Zambia’s Debt Restructuring
Zambian President Haikinde Hichilema rejected longstanding accusations by Western governments and institutions that China was to blame for how long it took to reach a debt restructuring agreement. The president told Bloomberg TV after the deal was announced on Friday in ...
Vietnam PM Arrives in China for Visit as a U.S. Aircraft Carrier Arrives
Vietnam's legendary great power hedging strategy was on full display this weekend when the massive U.S. aircraft carrier Ronald Reagan arrived in the central city of Da Nang for a rare port of call -- in fact, only the third time that a U.S. aircraft carrier has docked ...
U.S. Insists Modi’s Visit Wasn’t About China… Except That It Was
The United States rejected suggestions that Indian Prime Minister Narendra Modi's three day visit to the United States last week was about leveraging New Delhi in Washington's rivalry against China. Although China was on the agenda in talks between Modi and ...