A bill currently under consideration in New York State could reshape sovereign debt renegotiations around the world by making private creditors accept the same losses as the U.S. government would as a sovereign creditor instead of holding out for a full payback.
The bill comes as countries like Zambia and Sri Lanka face their loan renegotiations being dragged out for years as U.S.-based private lenders stonewall to obtain better deals. 52% of the ...
Country: Senegal
African Ambassadors Tour Xinjiang to See “Happy Life of Local Residents”
China’s use of diplomatic junkets to justify its anti-Uyghur measures in Xinjiang to the Global South are ratcheting up again. Ambassadors and other senior diplomats from Senegal, Benin, Mali, Rwanda, Madagascar, Malawi, Uganda, Lesotho and Chad visited the region on Thursday.
WEEK IN REVIEW: U.S. Treasury Secretary Janet Yellen on an 11-Day, Three-Nation Tour of Africa
U.S. Treasury Secretary Janet Yellen will leave Tuesday on an 11-day, three-nation tour of Africa that Biden administration officials say is intended to rejuvenate ties on the continent and counter Chinese influence. Yellen will visit South Africa, Senegal, and Zambia, where debt issues are expected to feature prominently on ...
Get Ready For Lots of Tough Talk on Chinese Debt When Janet Yellen Travels to Africa Next Month
Just days after it wrapped up a summit with African leaders, the Biden administration is following through on its promise to send more high-level officials to the continent. First up is Treasury Secretary Janet Yellen, who will ...
Chinese-Built Cross-Frontier Hydro System Inaugurated in Mali
This weekend saw the inauguration of the Gouina Hydroelectric dam and Malinguina hydropower station in Mali. Funded by the China Exim Bank and built by PowerChina, the facilities form part of a transfrontier hydroelectric system linking Mali, Senegal, and Mauritania. ...
China’s Paid-In Capital on the Rise – Here’s What to Know
By Oyintarelado Moses and Laura Gormley Since 2007, Chinese special investment funds targeting overseas development projects have been on the rise. These funds are pools of capital established by multiple public and/or private shareholders that primarily provide equity financing to projects ...
Analysis from Cobus van Staden
Proposed New York Law Could Reshape Debt Negotiations Around the World
China’s Growing Influence in West Africa
As former colonial powers like France and the United Kingdom lose their relevance in West Africa, the region is pivoting to China. This trend comes as China’s own confidence in West Africa is growing, despite relatively slow engagement compared to other parts of the ...
African Leaders, China Made It Clear This Week They’re Unhappy With the Current International System
African leaders one after another took the podium at the UN General Assembly (UNGA) this week to express their deep frustrations with the international system and how unfairly it treats developing countries. "It is time for a fairer, more inclusive global ...
China Cancels Nearly Two Dozen Interest-Free Loans to 17 African Countries
Chinese Foreign Minister Wang Yi unveiled a minor debt relief package for 17 African countries, writing off 23 interest-free loans that came due at the end of the last year. Wang made the announcement on Thursday at a meeting ...
China’s Top Africa Diplomat is Getting Back on the Road Again
China's top diplomat for Africa, Wu Peng, embarked on a seven-nation tour of the continent on Tuesday, his first visit to the continent since last November. He's far more active on Twitter than most other senior Chinese ...
Top U.S. Treasury Official Issues Veiled Warnings to African Countries About the Risks of Borrowing From China
Deputy U.S. Treasury Secretary Wally Adeyemo repeated longstanding warnings to African ministers about the dangers of borrowing from China in a virtual speech before the Conference of African Ministers of Finance, Planning and Economic Development that's taking place in Dakar, Senegal this week.