Tag: debt restructure
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David Dollar: U.S. May Resist Expanding IMF’s Special Drawing Rights as Could Help Expand Chinese Influence
African countries have been lobbying for the International Monetary Fund to provide emergency financing known as Special Drawing Rights (SDRs) to help them cope with the economic consequences of the COVID-19 outbreak. But David Dollar, a senior fellow in the John L. Thornton China Center ...
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.
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, ...
Now More Than Ever, FOCAC Must Absorb Shocks to China-Africa Ties
This year, the Forum for China-Africa Cooperation (FOCAC) marks its 20th anniversary. As it turns 20, FOCAC’s role in shaping Sino-African relations has been remarkable. The forum is remarkable for many reasons. It shows China’s willingness to engage ...
How is China Going to Handle Debt Relief in Africa?
With economic conditions across Africa rapidly deteriorating, leaders across the continent are escalating their calls for the international community to provide emergency debt relief. Until this week, though, those appeals have been broadly targeted, not singling out any particular country ...
Chinese Foreign Ministry Spokesman Responds to Ghana Finance Minister’s Request for Debt Relief
The Chinese government provided its first comment regarding the appeals for African debt relief. Foreign Ministry Spokesman Zhao Lijian addressed the issue at his regular press briefing in Beijing on Tuesday: REUTERS CORRESPONDENT: "First question, there was a ...
If African Leaders Expect China to Cancel Their Debts, They’re Probably Going to be Disappointed
It's been just over two weeks since Ethiopian Prime Minister Abiy Ahmed issued the first call on behalf of African leaders for emergency debt relief. Since then, there hasn't been much movement on the issue in part because those appeals were broadly targeted at "international ...
President Kenyatta Joins Chorus of African Leaders Calling for Emergency Debt Relief
The Kenya State House public a four-part Twitter thread that renewed calls on behalf of African leaders for emergency debt relief to handle the burgeoning economic and public health crisis brought on by the COVID-19 outbreak. President Uhuru Kenyatta met with his South African counterpart Cyril Ramaphosa ...
China’s Not Getting Its Money Back from Africa Any Time Soon, So Why Not Take the Lead in Debt Relief?
As economic conditions worsen across the continent, it's becoming increasingly evident that African governments will not be able to service the tens of billions of dollars in debt they've taken on over the past decade. Ethiopian Prime Minister Abiy Ahmed and ...
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,
Kenya Looks Beyond China for New Sources of Development Finance
Since the new year, Kenya has taken some rather bold steps to reduce its borrowing costs and ensure that new loans are "fairly priced." The Treasury is seeking to refinance large portions of its current debt that's priced at commercial rates into more affordable concessionary loans. Separately, ...