Tag: Asia
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China-IMF Impasse in Sri Lanka “Has to be Broken, One Way or Another,” Says Debt Expert
Brad Setser, a senior fellow at the Council on Foreign Relations and a noted sovereign debt expert, wrote a brief analysis of why the China Exim Bank's offer of a two-year debt moratorium is "insufficient". (The following transcript has been lightly ...
China, World Bank Spar Over Who’s to Blame For Delays in Zambia Debt Relief
A major philosophical difference is emerging as a hold-up to Zambia’s much-needed debt relief. Foreign Ministry spokesperson Mao Ning recently said the key to easing Zambia’s debt burden “lies in the participation of multilateral financial institutions and commercial creditors in the debt-relief efforts.” ...
Top State Department Official Says China’s Debt Relief Offer to Sri Lanka is “Not Enough”
Another senior U.S. diplomat has accused China of not doing enough to resolve Sri Lanka’s debt renegotiation, a sign that the island’s financial crisis is increasingly being framed geopolitically. U.S. Under Secretary of State for Political Affairs, Victoria Nuland said: "What China has offered ...
State Department Sends Top Official to Asia and the Middle East to Bolster Ties Amid Rising Competition With China
Victoria Nuland, the State Department's under secretary for political affairs and one of Washington's most senior diplomats, arrived in the Nepalese capital of Kathmandu on Sunday -- the first stop on a three-nation, week-long tour that also includes Sri Lanka and Qatar. Unlike ...
China’s Debt Relief Offer For Sri Lanka May Not Be Enough to Satisfy IMF, Say Insiders
Sri Lanka's desperately-needed financial lifeline from the International Monetary Fund may be in jeopardy due to an insufficient debt restructuring offer from China, Colombo's largest bilateral creditor. The IMF is requiring that Sri Lanka first receive assurances from its largest bilateral creditors, ...
Indian FM Accuses Opposition Leader of Intentionally Spreading False Information About China Border Issue
Indian Foreign Minister S. Jaishankar accused rivals of the ruling Bharatiya Janata Party (BJP) of intentionally spreading false information about the government's handling of the border disputes with China. Jaishankar refuted comments made by Congress Party leader Rahul Gandhi that Prime Minister Narendra Modi had ...
Dubious Rumor Spreading On Pakistani Twitter Xi Jinping Will Soon Visit
Unsubstantiated rumors started to spread on Pakistani Twitter over the weekend that Chinese President Xi Jinping will visit the country and, more specifically, inaugurate a new Chinese-built airport in the port city of Gwadar. There's good reason to be suspicious of this ...
Massive New Chinese-financed Cultural Center Takes Shape in Kinshasa
Three years after Chinese contractors broke ground to build the new Central African Cultural and Arts Center in the DR Congo capital of Kinshasa, the 36,000-square-meter development is now taking shape. Outgoing Chinese ambassador to the DRC, Zhu Jing, posted an update on Twitter about ...
Countries in Asia and the Americas Account For Half of China’s Total Auto Exports
China is on the verge of displacing Germany to become the world's second-largest auto exporting nation (Japan is #1). This is a remarkable accomplishment given the speed that China's automakers have gained international market share, tripling sales to 2.5 million units since 2020.
Sri Lanka Hints at Lukewarm Response to China Exim Bank’s Debt Moratorium Offer
The China Exim Bank has reportedly agreed to grant Sri Lanka a two-year debt repayment moratorium, according to a letter sent by the Chinese policy bank to the Finance Ministry in Colombo. The letter, which has not been made public
India Supports Sri Lanka’s Debt Restructuring Process
Sri Lanka has reportedly secured India’s support for its debt restructuring process. According to Reuters, an Indian Finance Ministry official sent a message to the International Monetary Fund that it “strongly supports” the debt-ridden country’s economic recovery plan. Indian External Affairs
Dalai Lama Invite Complicates China-Sri Lanka Cooperation
Sri Lanka’s desperate attempts to get China’s support for its debt restructuring could be blown up from the inside. This follows an invitation from senior Buddhist clerics to the Dalai Lama to visit the bankrupt island state. The Chinese embassy was predictably ...