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A Primer on China’s Role in the Worsening Zambian Debt Crisis

Zambia's debt restructuring deal that was hailed earlier this year as a "landmark" breakthrough for developing countries is now in shambles. Talks broke down a couple of weeks ago when bilateral creditors led by China and France objected to the terms ...

Poor Countries Seek Bilateral Debt-Relief Efforts After Rebuf From IMF and World Bank

The International Monetary Fund's director dismissed calls debt cancellation from Ghana, Nigeria and other countries on the continent, saying it would adversely impact domestic creditors. (INVESTING) ETHIOPIA: After receiving debt relief from China, Ethiopia is reviving ...

IMF Caught Unawares by China’s Sri Lankan Debt Deal

The Chinese Foreign Ministry’s brief announcement on Tuesday that China Exim Bank reached a debt deal with Sri Lanka surprised IMF officials - another indication of how fractured the bankrupt country’s debt restructuring process has become. Peter Breuer, the IMF’s Mission ...

As Debt Resolution Deadlock Looms, Which Scenarios Face Us?

China’s rapid rise as a global lender has also made it a significant disrupter of the business-as-usual of debt restructuring. While Western stakeholders have framed China’s role as a ‘barrier,’ Beijing insists that it is being treated unfairly in comparison to Western-led ...

Kenya’s Longshot Request for Chinese Financial Assistance and Debt Relief

Kenyan President William Ruto is preparing to make a longshot billion-dollar request for badly-needed financial assistance in a bid to bolster his country's ailing economy. Deputy President Rigathi Gachagua said Ruto will submit the request in person when he travels to Beijing later this month. Although he ...

Analysis from Cobus van Staden

Misadventures in the Skin Trade

This week I spent a few days in Cape Town, in time for a minor, if telling, crisis in international agricultural trade. A ship crammed with 19,000 (mostly still living) cows was stuck in Cape Town harbor, en route from Brazil to the Middle East.
As South African animal welfare authorities scrambled to inspect the horrors on board, the city was enveloped in a powerful farmyard funk. The entire episode can ...

Germany’s Finance Minister Singles Out China in Debt Relief Appeal for Ghana

German Finance Minister Christian Lindner is the latest high-ranking Western official to pressure China to do more to help relieve the burgeoning debt crisis in a growing number of African countries. "I remind China of its responsibilities as a very important ...

China is Pushing For a Major Change in Global South Debt Restructuring

The Chinese government provided its first official confirmation that it will provide Sri Lanka with a two-year debt repayment moratorium on $2.83 billion of loans owed to The China Exim Bank. Foreign Ministry spokesperson ...