The BRICS group wrapped up its two-day leaders’ summit in Rio de Janeiro on Monday. The summit’s final communique is a 16,000-word doorstop that covers numerous issues from economics to education.
The communique avoids any direct mention of the United States, and references to “unilateralism” and other coded criticism are also relatively scarce. Rather, the communique keeps the focus on the BRICS’ vision of the strengthening and reform of the global multilateral system ...
Category: Debt Restructuring
Zambia Reaching End of Debt Restructuring Process
Zambia will soon be eligible once again for foreign financing as its debt restructuring negotiations are nearing the end, a French diplomatic source said Tuesday. France, which, along with China, heads the committee of public sector creditors for Zambia, was earlier ...
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 ...
Analysis from Cobus van Staden
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 ...
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, ...