Tag: debt
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China’s Foreign Ministry Rebuts Critics of its Debt Relief Strategy in Africa
Chinese Foreign Ministry spokesman Zhao Lijian pointedly rejected accusations that Beijing is not doing enough to help alleviate the worsening debt crisis in Africa. Speaking to reporters at the ministry's regular press briefing in Beijing on Monday, Zhao refuted the suggestion that China is ...
Ghana’s Finance Minister: “Africa Is Not Asking for Charity. It Is Asking for Equity.”
Ghana's Finance Minister Ken Ofori-Atta issued an urgent call for action on African debt relief in a column published in the Financial Times on Monday that also included stinging rebukes of the United States, China, and the financial services industry for their perceived failures.
IMF Chief: Africa Faces Projected Financing Gap of $345 Billion Through 2023
IMF Managing Director Kristalina Georgieva implored the international community to "do more to support Africa" to help recover from the worsening economic crisis on the continent brought on by the COVID-19 pandemic. She said lenders and international NGOs have so far only ...
Kenya Advised to Restructure Current Debts, Reduce Commercial Borrowing if It Wants to Avoid Default
The Washington, D.C.-based multinational NGO International Budget Partnership (IBP - it was formerly known as the Center on Budget and Policy Priorities) recently warned Kenya's National Treasury to take drastic measures in order to avoid the bottom falling out of the economy due to the ...
African Debt: At Some Point, the Hole Becomes Just Too Big to Fill
The rapidly deteriorating financial crisis in Lebanon provides a grim preview to other developing countries of what happens when the bottom falls out of an economy. After the government defaulted on its debt last spring, conditions spiraled downwards to the point where
New Report Sheds Light on How China Will Handle Its Loans to Poor Countries
The New York-based research firm Rhodium Group released a new report today that draws on an expanded data set of Chinese debt renegotiations with developing countries. The new report, "Seeking Relief: China’s Overseas Debt After COVID-19," provides insights into how China may be handling current ...
In a Mostly Symbolic Move, China Relieves Botswana of Its Interest-Free Debt
Chinese ambassador to Botswana, Zhao Yanbo, announced yesterday on Twitter that he had signed an agreement with Botswana's finance minister, Thapelo Matsheka, to exempt a portion of the southern African country's debts so it could allocate more resources to mitigate the spread of COVID-19. ...
“Public Investment is a Thing of the Past,” Says the EIU’s Chief Africa Economist
While a growing number of African countries are furiously renegotiating their debts with various creditors, one question that keeps emerging is whether China will eventually resume lending these countries large amounts of money to build future infrastructure. The specific questions is ...
Reframing the Chinese Debt Crisis in Africa
Many African civil society stakeholders worry that China is going to take advantage of the worsening economic crisis to seize their countries' strategic assets. It doesn't matter that there aren't actually any precedents for these seizures, in the current era of "alternative facts" if people believe it ...
One Way or Another Someone’s Going to Pay For Africa’s Debts
A new poll of young Arab nationals in North Africa and the Middle East revealed the kind of numbers that give people like Angela Merkel and Emmanuel Macron nightmares. 87% of the 18-24 years old surveyed expressed concerns about unemployment and ...
World Bank Chief Renews Criticism of China and Private Creditors For Not Doing Enough on Debt Relief
In a candid interview on Monday with the German state-owned television network Deutsche Welle, World Bank President David Malpass renewed his criticism of China and private creditors for not doing enough to help ease the debt burdens of the world's poorest countries and also for not being ...
“Unlocking the Black Box” of Chinese Development Aid: A View From France
Chinese overseas development aid and finance remains something of a mystery to many outside observers. The opacity of the Chinese system, combined with large language and cultural differences often lead international stakeholders to complain that it's difficult to distinguish between Chinese aid, concessional financing, and market-based lending/investments. ...