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Sri Lanka’s Creditors Demand Deal Details, Including With China

Sri Lanka's bilateral lenders, who agreed to restructure close to $6 billion in loans, have demanded "comparability of treatment" with other creditors, including China. A statement seen by AFP on Thursday read that the Official Creditor Committee (OCC), led by Japan, ...

Sri Lanka Seals Debt Deal With China, Others After Crash

By Amal Jayasinghe Sri Lanka said on Wednesday it had clinched a restructuring deal with key bilateral lender China and other nations, covering up to $10 billion in debt. This is a critical step towards recovery after the 2022 financial crash.

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 ...

Analysis from Cobus van Staden

Letter From DC: Is Africa Holding Itself Back?

Whoo boy…We picked a doozy of a week to be in town. The overlapping reverberations from leadership fights within the Democratic Party, the assassination attempt on former President Donald Trump, and the announcement of JD Vance as his vice-presidential candidate are understandably focusing attention inwards.
That said, we’ve had fascinating conversations with very smart folks who focus on Africa, the wider Global South, and China’s role there. One theme ...

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 ...

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 Mao Ning's statement on Friday was intended, in part, ...