Country: Kenya
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Debt Relief in Africa: A Conversation With Renaissance Capital’s Charlie Robertson
Ethiopian Prime Minister Abiy Mohamed was among the first African leaders to issue an urgent appeal for debt relief back in March even before COVID-19 had become a serious public health issue on the continent.“COVID-19 poses an existential threat to the ...
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 ...
KTN’s Mike Gitonga: “The SGR Has Had Scandals Right From the Word Go”
KTN News presenter Mike Gitonga discussed The Standard's reporting on the escalating SGR scandal in his morning "Press Review" segment on Monday. Gigtonga cited years of "fraud" and "malpractice" allegedly committed by the Chinese operator CRBC and its subsidiary AfriStar.
Kenya Railways Dismisses Efforts to Cancel Contract With the Company’s Chinese Partner
Kenya Railways downplayed reports that it will be forced to cancel its contract with the Chinese-run AfriStar, a subsidiary of the Chinese state-owned enterprise China Road and Bridge Corporation (CRBC), that currently operates the country's Standard Gauge Railway, according to The Standard newspaper.
In a Dramatic Move, Kenya’s Solicitor General Wants to Terminate the SGR’s Contract With Its Chinese Operator
Solicitor General Kennedy Ogeto is calling for the immediate termination of Kenya Railways's contract with the Chinese-owned Africa Star Railway Operation Company, two years ahead of the agreement's scheduled review date. Ogeto's move is apparently motivated by lower than expected revenue ...
Background: What Does Kenya Owe? And to Whom?
While there's widespread concern in Kenya about the country falling prey to a Chinese "debt trap," the reality is that Kenyans should be far more concerned about the consequences of failing to repay private creditors than the small Chinese portion of its national debt. ...
With No Debt Relief Deal in Place, Africa’s Economic Crisis Worsens by the Day
The cost of borrowing for many African governments is rapidly rising as the economic crisis on the continent worsens. While the double-digit yields on African bonds is great news for investors looking for new growth opportunities, it's an absolute tragedy for governments who are forced to divert even ...
African Leaders Criticize Wealthy Countries For Lack of Progress on Debt Relief
Five African presidents, from Kenya, Ivory Coast, Sierra Leone, Senegal, and Niger, decried the lack of meaningful progress by wealthy industrial countries on debt relief and financial assistance to the continent amid the worsening COVID-19 outbreak. The leaders took part in a ...
Kenya’s Dilemma: If It Wants G20 Relief Then It Can’t Issue More Bonds or Take out More Loans. So How Does It Close a Gaping Budget Deficit?
Kenya, and likely many other African countries, is in a bit of a pinch right now: it desperately needs to raise money to close an estimated $7.7 billion budget deficit. But if the Treasury wants to remain qualified for G20 debt relief then it can't go out ...
Chinese NGOs in Africa are New and Making Some Mistakes but They’re Learning Fast
“Chinese embassy staffs in local countries said we are a non-governmental organization and won’t help us with anything, while many local NGOs and journalists see us as some kind of ‘Chinese government propaganda’ and they’re very rude towards us. It’s so difficult,” said Ms. Zhang, a 50-year-old ...
Time is Running Out For African Debt Relief
It must be weird for African finance ministry officials to watch how large governments around the world have moved with unprecedented speed to pass trillions and trillions of dollars in emergency relief aid to bolster their own economies. Even the completely dysfunctional U.S. Congress that passes fewer ...
Al Jazeera: African Countries Turn to China for Debt Relief
Al Jazeera correspondent Mohammed Adow reports from Nairobi on how rapidly deteriorating economic conditions in East Africa due to the worsening COVID-19 outbreak is prompting more governments in the region to look to China for help... at least in terms of repaying their debts.