Country: Kenya
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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.
First Moody’s Now the IMF, Warnings About Kenya’s Debt Levels Are Starting to Pile Up
The International Monetary Fund raised Kenya’s risk of debt distress to high from moderate in a statement on Tuesday because of the costly impact of the worsening COVID-19 crisis. The IMF said that even though Kenya's debt load is still manageable, the ...
165 Kenyan Evacuees Return Home From China
165 Kenyans stranded in China arrived in the early hours Sunday morning at Jomo Kenyatta International Airport. Kenyan ambassador to China, Sarah Serem, helped to coordinate the charter flight from Guangzhou back to Nairobi and was at the airport in southern ...
Moody’s Warns That Kenya’s High Borrowing Costs Could Prompt a Downgrade
The global credit rating agency Moody's is becoming increasingly concerned that Kenya will not be able to keep up with the payments on its comparatively expensive loan portfolio. Moody's adjusted Kenya's rating from B2 stable to B2 ...
Africa’s Cost of Borrowing is Orders of Magnitude Higher Than the Rest of the World
To understand why African finance leaders are so determined to avoid a default on their Eurobond debt all you have to do is look at the current interest rates that many of the continent's largest economies are paying for their government bonds.
One of Kenya’s Major Newspapers Wades Into the Sensitive Debate Over Chinese Accountability for COVID-19
One of Kenya's leading newspapers waded into the highly sensitive territory over accountability for COVID-19 and the origin of the deadly virus. Although today's editorial in The Standard newspaper is the publication's first on the topic, the paper published two columns ...
Outspoken Kenyan MP Warns China: We Can Do to Your People What You Did to Ours
Kenyan MP Babu Owino issued a stark warning to the Chinese government this week during a press conference in Nairobi where he condemned the reported recent maltreatment and discrimination against Kenyans and other Africans in Guangzhou. "To the Chinese government," he said, ...
A Progress Report by the UN’s Vera Songwe on the Status of African Debt Relief
Economic conditions in a number of African countries are worsening by the day. Lockdowns and a plummet in global commodity prices brought on by the COVID-19 pandemic have led to severe economic repercussions across the continent.
African Celebrities, Billionaires, Activists, and Students All Speak Out on Current Challenges in the China-Africa Relationship
In the immediate aftermath of the crisis in Guangzhou, the discourse over what happened was dominated by political leaders, official spokespeople on all sides, and state-run media outlets. Civil society stakeholders, for the most part, were not as vocal. Now, that's all changed and a wide cross-section ...