Category: Economy
African Leaders Plead For Faster Debt Relief at International Summit
Kenyan President Uhuru Kenyatta used his opening speech at a virtual leaders summit of the Organization of the African, Caribbean and Pacific States (OACPS) to plead for more debt relief, particularly for the world's poorest countries. "The debt of many member states continues to rise. ...
Once Angola Renegotiates its Debts, There May Not be Much Money Left Over For Anything Else
Nathan Hayes, an Africa analyst at the Economist Intelligence Unit in London, highlights Angola's dilemma in the ongoing talks to restructure its debts. With the price of oil so low due to the global economic slowdown brought on by the COVID-19 outbreak, pretty much the only choice ...
China Says It’ll Work With Angola on G20 Debt Relief, But Remains Vague About Status of Bilateral Loans
The Chinese government on Wednesday reaffirmed its position that it will cooperate with the G20's ongoing debt relief initiative in Africa but refused to provide any specific details about how Beijing plans to reschedule its vast loan portfolio in Africa, specifically in Angola.
Amid an Unprecedented Debt Crisis, Nigeria’s House of Reps Approves $23 Billion of New Loans — Mostly From China
Nigeria's House of Representatives approved a request by President Mohammadu Buhari to borrow an additional $22.7 billion from international creditors. Tuesday's House vote follows earlier approval by the Senate. It's important to note ...
Q&A: Nigerian Representative Ben Igbakpa Explains Why He Wants to Investigate 20 Years of Chinese Loans
April marked the beginning of major turbulence in China-Africa relations following reports of racism against Africans in Guangzhou. Then the unprecedented happened when African ambassadors wrote a joint letter to the Chinese government demanded an explanation for the maltreatment of Africans in China.
Georgetown’s Ken Ochieng’ Opalo is the Latest Scholar to Discredit the “Chinese Debt Trap” Theory in Africa
Georgetown University Assistant Professor Ken Ochieng’ Opalo published a blog post on his personal site this weekend that aimed to debunk the widely-held perception in Washington that China is engaging in a form of "debt-trap diplomacy" in Africa.
Tweet of the Day: Kenyan Economist David Ndii Highlights One of the Most Important Challenges in the Current China-Africa Relationship
Popular Kenyan economist David Ndii gave voice today to a widely-held perception among large swathes of African civil society that Chinese interests are much more aligned with the continent's governing elites than with those of everyday people. This hasn't been helped, ...
2+ Months Into the COVID-19 Economic Crisis in Africa and Still No Word on Debt Relief
It's been more than two months since Ethiopian Prime Minister Abiy Ahmed warned in a letter to G20 leaders that African countries face an "existential threat" from the economic crisis brought on by the COVID-19 outbreak. Since ...
Why the Sengwa Coal Plant in Zimbabwe Will Probably be China’s Last Mega Deal in Africa For a Very Long Time
China and Zimbabwe are moving forward with a massive new $3 billion coal power plant in the northern city of Sengwa. When complete, the new plant will generate 2800 megawatts of power and could singlehandedly erase the power deficit that's crippling the country.
China’s Oil Imports from Angola Continue Recovery
Angola was China’s fifth top crude oil supplier in April, customs data showed, with imports rising 23.8% from the same month a year earlier. In the first four months of 2020, Chinese imports from Angola are still negative, despite the recovery. ...
Chinese Commerce Ministry Researcher Offers Vague Clues About How China May Approach Debt Relief in Africa
Chinese officials have offered no specifics as to how they plan to renegotiate the terms of their $152 billion loan portfolio in Africa. Other than a few general statements from Foreign Minister Wang Yi or spokesman Zhao Lijian about Beijing's ...
As Enthusiasm in Africa For the G20’s Debt Relief Plan Fades, Attention Turns to What China Will do
The G20 and Paris Club debt relief proposal for Africa is encountering headwinds as a more and more countries are becoming increasingly wary of the terms of the deal. The key sticking point is a requirement that if an African country wants to qualify for the G20/Paris ...