Country: Angola
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As Angola Gets Debt Relief From Its Creditors, Kenya Hopes For the Same From China
Yesterday marked the first major development we've seen on the debt story in Africa in quite some time. The fact that Angola was the beneficiary was significant, given its outsized position in China's loan portfolio on the continent. Angola alone makes ...
Angola Gets Some Badly-Needed “Breathing Space” From China on Debt Repayments
Chinese creditors have reportedly agreed to grant Angola a three-year debt repayment moratorium, according to the West African country's finance minister Vera Daves de Sousa. Angola is by far China's largest borrower in Africa with an estimated $20 billion of outstanding loans from the ...
Why China’s Cutting Back on Overseas Lending
It's going to be much more difficult for countries in Africa and other developing regions to borrow money from China. New research from Boston University's Global Development Policy Center reveals a sharp drop in overseas lending by the ...
The Once Frenetic Debate Over Chinese Debt in Africa Has All But Disappeared
China's top diplomat for sub-Saharan Africa, Wu Peng, posted a tweet today that restated China's often-repeated position about its commitment to implement the G20's Debt Service Suspension Initiative and to help "alleviate debt pressure on African countries." It's not ...
Chinese Oil Buying From Saudi Arabia Surges, Likely at Africa’s Expense
Saudi Arabia is emerging as an increasingly important hub on China's Belt and Road Initiative as Beijing turns to the Kingdom for an increasingly large share of its oil procurement. Last year, two-way trade surged 23% year-on-year to $78 billion, and even amid the ...
China Claims It’s Done More to Relieve Developing World Debt Than Any Other G20 Member
Chinese Finance Minister Liu Kun provided a robust defense of Beijing's participation in the G20's Debt Service Suspension Initiative and said his government is doing more than any other in the group in providing billions of dollars of debt relief to the world's poorest countries.
All This Talk About Vaccines Gives a Desperately-Needed Boost to Two of Africa’s Largest Oil Producing Countries
The prices for Nigerian Bonny Light and Angolan Cabinda crudes have regained some lost ground in November thanks to the Pfizer vaccine news and the U.S. elections. Given that both countries face enormous debt servicing challenges, these higher oil prices will help to replenish government coffers. China ...
Where Does China Buy Its Oil?
Africa's share of China's oil imports has been steadily declining over the past 15 years but the continent nonetheless remains Beijing's second-largest source of crude after the Persian Gulf. In 2008, according to George Washington University China-Africa scholar David Shinn, China imported close ...
With Prices Low Again, China To Go on Another Oil Buying Binge That Will Help Some African Countries More Than Others
China's Ministry of Commerce is going to allow private companies and other "non-state entities" to buy 20% more oil next year in a move that will be enthusiastically welcomed by beleaguered oil-producing states, including many in Africa, currently suffering from persistently low prices. ...
Venezuela and the Chinese Debt Crisis in Africa
Even before the current economic crisis brought on by the COVID-19 pandemic there were widespread concerns about Chinese lending practices in Africa. The U.S. and other critics contend that Beijing is employing a predatory lending strategy where it intentionally loads up ...
China, Bondholders, and the Worsening African Debt Crisis
The debt crisis in Zambia got a lot worse this week after bondholders refused the government's request for a 6-month repayment delay. Those private creditors said they're frustrated by the government's lack of transparency about the total amount of debt ...