Tag: debt
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Attention Shifts to Chinese Debt Following Ethiopia’s IMF, World Bank Deals
This week, the Ethiopian government struck a pair of deals with the International Monetary Fund (IMF) and the World Bank that will pave the way to restructure the country's $29 billion external debt, a quarter of which is owed to Chinese creditors.
Falling Through the Net? The Perils of Relying on Central Bank Swaps for Global Crisis Finance
By Laurissa Mühlich, Thomas Goda, and Marina Zucker-Marques Since the 2008 global financial crisis, central bank swaps have emerged as an increasingly important pillar of the Global Financial Safety Net (GFSN), the network of institutions and arrangements that aim at ...
Sri Lanka to Save $5 Billion From Bilateral Debt Deal
Sri Lanka will save $5 billion following the restructuring of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday. The island nation defaulted on its foreign borrowings in ...
Sri Lanka’s Creditors Demand Deal Details, Including With China
Sri Lanka's bilateral lenders, who agreed to restructure close to $6 billion in loans, have demanded "comparability of treatment" with other creditors, including China. A statement seen by AFP on Thursday read that the Official Creditor Committee (OCC), led by Japan, ...
WEEK IN REVIEW: Chinese Debt and the Anti-Government Revolt in Kenya
Protestors in Kenya this week expressed fury against the government and the IMF but interestingly made no mention of China during an unprecedented uprising in Nairobi. It's notable because the Kenyan Treasury spends more money to service its Chinese loans than ...
Sri Lanka Seals Debt Deal With China, Others After Crash
By Amal Jayasinghe Sri Lanka said on Wednesday it had clinched a restructuring deal with key bilateral lender China and other nations, covering up to $10 billion in debt. This is a critical step towards recovery after the 2022 financial crash.
Cash-Strapped Sri Lanka Set to Sign Key Debt Deals With China and Other Lenders
Sri Lanka has finalized long-delayed debt deals with its bilateral lenders, including China, to meet a key condition of an IMF bailout, the government said Tuesday. A treasury delegation is on its way to France to sign agreements with creditors on ...
IMF Releases Sri Lanka Loan Despite Restructure Delays
The International Monetary Fund released $336 million as part of a bailout loan installment for Sri Lanka despite delays in the crucial restructuring of its foreign debt, including to China, the Washington-based lender said Wednesday. The South Asian nation was starting ...
Biden Woos Kenya’s Ruto With Major Ally Status on State Visit
By Danny Kemp A diplomatic upgrade and a surprise appearance by Barack Obama: U.S. President Joe Biden pulled out the stops as he hosted Kenyan counterpart William Ruto for a lavish state visit aimed at competing with Russia and China for ...
Ruto’s Visit to Washington Provokes Some Highly Misleading Media Narratives About Chinese Debt
Kenyan President William Ruto met his U.S. counterpart Joe Biden at the White House on Wednesday, marking the first African state visit in 16 years. Although Kenya's burgeoning debt crisis was widely expected to be high on the agenda, that ...
Kenya’s Chinese Debt to be on the Agenda When Ruto Arrives in Washington
Kenyan President William Ruto will arrive in Washington, D.C. on Wednesday, the midway point of a four-day visit to the United States that will include talks with President Joe Biden. U.S. officials said in advance of Ruto's arrival that debt relief ...
Why It May Be Premature to Trust Nigerian, Kenyan Media Reports on New Chinese Railway Funding
A word of caution about a flurry of headlines circulating in the Kenyan and Nigerian press this week claiming that China has committed to spending billions of dollars on new railway projects in both countries. Something just doesn't sound right about these stories. It's interesting ...