Tag: debt restructure
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China, Kenya Close to Reaching Debt Relief Deal
China and Kenya appear to be closing in on a debt restructuring arrangement just days before a major railway loan comes due. The Chinese embassy issued a vague statement on Monday that said both sides are holding "smooth" talks related to Kenya's debt servicing challenges. ...
Death of the Chinese Debt Trap Narrative
Critics of China's lending practices in Africa and much of the developing world have gone suspiciously quiet over the past 6-7 months. A year or so ago, Kenyans were up in arms over erroneous reports that China was going to seize the Port of Mombasa. A few months ...
As Angola Gets Debt Relief From Its Creditors, Kenya Hopes For the Same From China
Yesterday marked the first major development we've seen on the debt story in Africa in quite some time. The fact that Angola was the beneficiary was significant, given its outsized position in China's loan portfolio on the continent. Angola alone makes ...
Why China’s Cutting Back on Overseas Lending
It's going to be much more difficult for countries in Africa and other developing regions to borrow money from China. New research from Boston University's Global Development Policy Center reveals a sharp drop in overseas lending by the ...
The Once Frenetic Debate Over Chinese Debt in Africa Has All But Disappeared
China's top diplomat for sub-Saharan Africa, Wu Peng, posted a tweet today that restated China's often-repeated position about its commitment to implement the G20's Debt Service Suspension Initiative and to help "alleviate debt pressure on African countries." It's not ...
Chinese Debt Relief in Africa Definitely Helps in the Short Term, But in the Long Term? Hard to Tell Says New Analysis
Although China's debt relief efforts are often downplayed by many of its critics in the U.S. and EU, the fact is that Beijing's done more to renegotiate and cancel loans to African countries during the current financial crisis than it has previously:
The Bondholders’ View of the African Debt Crisis
The ongoing debt crisis in Zambia and several other African countries is proving to be much more difficult to resolve than in previous years because of the expanded role of both Chinese lenders and bondholders. Both of these creditors have starkly ...
With Chinese Loans Coming Due, Ethio-Djibouti Railway Suffers Heavy Losses Due to Theft, Vandalism
The Chinese-financed and constructed Ethiopia-Djibouti standard gauge railway is bleeding money due to rampant theft and vandalism, according to a report in the Addis Standard newspaper. The situation is now so bad, say company officials, that the trains have been forced to reduce their speed ...
FOCAC at 20: Deborah Brautigam Looks Back at Two Decades of China-Africa Summits
This year marks the 20th anniversary since the first triennial Forum on China-Africa Cooperation (FOCAC) summit convened in Beijing. Now, preparations are underway for the next FOCAC gathering, scheduled to take place in Dakar, Senegal -- although whether it will be an in-person or online gathering will ...
It’s Not All Gloomy
The last few weeks have been marked by a pervasive gloominess about Africa's future. As Zambia was defaulting on its Eurobond debt, the G20 was praising itself effusively for coming up with a debt response unlikely ...
Forget About Repayment Holidays, Kenya Wants Its Creditors (Ahem… China) To Cancel Some of Its Debts
The Kenyan Treasury is reportedly considering a new plan to approach its creditors to ask for outright cancellation of some of its debt, according to a report in Business Daily. Although a final decision has yet to be made, the Treasury is apparently considering ...
Kenya Treasury Secretary: “We Don’t Want to Give the Impression We Are Straining in Any Way”
The alarming headlines in today's Kenyan newspapers about the country's apparent inability to repay some of its debts contrasts sharply with the message conveyed by Cabinet Secretary for National Treasury Ukur Yatani in an interview with Bloomberg's Africa bureau chief David Malingha: