Tag: concessional loans
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How is China Going to Approach the Debt Crisis in Africa?
One of the big questions around the burgeoning debt crisis in Africa is how will China respond? With an estimated $152 billion of outstanding loans on the continent, Beijing is by far the continent's largest bilateral creditor. No discussion ...
Deborah Brautigam: Don’t Expect China to Cancel Africa’s Debts, They’ll Probably Just Reschedule Them
So long as there's no official word from the Chinese government as to how they specifically plan to address the $150 billion of outstanding debts that African governments owe Bejing, everyone's speculating as to how they'll likely proceed. Professor Deborah Brautigam, ...
There’s an Interesting Debate Underway Among Scholars Over Whether China is Hiding Its Overseas Lending
A discussion over the extent of China's "hidden loans" in Africa and other developing regions has been bubbling all spring in Washington's think tank and scholarly circles. It all started back in late March when the Wall Street Journal published an article featuring
South Africa’s President Doesn’t Just Want a 9-Month Debt Reprieve. He’s Now Calling For a Two-Year “Standstill”
South African President Cyril Ramaphosa called on G20 countries and other international creditors to extend a proposed debt repayment moratorium from nine-months to two years. The president issued the appeal on Friday during a virtual summit of African leaders that he convened in his capacity as chairperson ...
Brookings Scholar Yun Sun Provides a Road Map For Chinese Debt Relief in Africa
There's growing anticipation over how China will respond to Africa's calls for debt relief amid the worsening COVID-19 crisis that is ravaging economies across the continent. So far, there have only been a few hints as to how China will proceed, ...
It’s Time We Talk About All That Chinese Debt in Africa
There are growing calls for international lenders to cancel or at least reschedule significant portions of Africa’s debt as economies one after across the continent another sink into recession as a result of the worsening COVID-19 outbreak. Earlier this month,
Africa’s Knocking on the Wrong Door for Debt Relief
The whole discussion going on today over calls from African leaders to write off or reschedule their countries' debts feels completely disconnected from reality. For some reason, they're focusing all of their attention on the G20 leaders summit that's going to take place today and comments ...
It’s Time to Talk About All That Debt
Ethiopian Prime Minister Abiy Ahmed took the initiative on Tuesday to talk about the proverbial elephant in the room: with Africa's economies spiraling downwards due to the worsening COVID-19 crisis, how are they ever going to be able to pay back all that money they owe ...
Chinese Concessional Loans are Going to Look a Lot More Attractive to African Borrowers Now that Eurobond Interest Rates Are Going Through the Roof
The cost of borrowing money for a number of African governments is skyrocketing amid the worsening global economic crisis brought on by the COVID-19 outbreak and the implosion of the OPEC+ alliance. Under normal circumstances, investors, particularly those in the Eurobond ...
Amid Plunging Prices, Africa’s Commodity-backed Debts to China Become Perilous
Over the past 15 years, many African countries borrowed tens of billions of dollars from China to build badly-needed infrastructure. Short of cash, these countries instead leverage their natural resources to repay their debts. Ghanaian bauxite, Angolan oil, and Zambian copper, ...
Scandal, Low Ticket Sales Plague Kenya’s Standard Gauge Railway
Bad news keeps piling up for the multi-billion dollar Chinese-financed and constructed Standard Gauge Railway network, the centerpiece of President Uhuru Kenyatta's ambitious infrastructure development agenda. Ridership and cargo freight volumes are both coming in much lower than expected on several ...
COVID-19 Expected to Cause Widespread Economic Disruption in Africa
Editor's Note: although Africa, so far, has been spared from the health consequences of the COVID-19 outbreak in China, the economic impact is already being felt across the continent and is expected to have severe repercussions in most countries through reduced export earnings, higher borrowing costs, and ...