Tag: debt
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Be Careful, Warned Nigeria’s Transportation Minister, House Probe Threatens Chinese Loans
Nigerian Transportation Minister, Rotimi Amaechi, called on the house of representatives committee on treaties and agreements on Wednesday to suspend their investigation into past Chinese loans until Abuja has secured $500 million for three new loans to fund critical transportation projects.
The Message From the Global Financial System to Africans Seeking Debt Relief Is Clear: You’re on Your Own
Ghana's increasingly outspoken finance minister Ken Ofori-Atta is giving voice to the growing frustration across Africa that calls for urgent debt relief have largely failed. In an interview this week with Bloomberg, Minister Ofori-Atta said the global financial system is failing Africa and places ...
Reminder: Africa Doesn’t Have a Chinese Debt Problem, About 10 African Countries Do
The South China Morning Post's Inkstone team published a brief analysis today showcasing data from the China-Africa Research Initiative (CARI) at Johns Hopkins University. It provides a fresh reminder that the Chinese debt crisis in Africa is confined to a relatively small number of countries. ...
Meaningful Debt Relief Probably Isn’t Going to Happen. We Should All be Worried.
The Financial Times newspaper deserves a lot of credit for calling out the world's wealthiest governments for their glaring hypocrisy on the issue of African debt relief. While treasuries in the U.S., Europe, Japan, and China come up with new creative solutions to insulate their ...
Bloomberg: “Wave of Looming Defaults Poses the Biggest Test Ever for China’s Influence in [Africa]”
A new Bloomberg report projects a grim future for Africa's economic stability as it becomes increasingly apparent that countries who borrowed heavily from China over the past decade are unlikely to be able to repay those loans. The article by two ...
Bloomberg’s Got It Wrong, Say China’s Supporters in Africa: Without Chinese Loans, the Situation Would Be Even Worse
University of Cape Town professor, Carlos Lopes, was among the first today to post a rebuttal to the Bloomberg China-Africa debt article. Professor Lopes expressed frustration that the article only focused on the negative aspects of China's lending practices on the continent and ...
Was China’s Ambassador to Somalia Correct When He Claimed That China Accounts For Just 14% of Africa’s Debt?
Yesterday, China's ambassador to Somalia, Qin Jian, posted a Tweet where he stated that "China accounts for about 14% of all foreign debts in Africa," which was a figure that we hadn't previously seen. Since the Chinese government does not provide an easily accessible resource ...
Why China-Africa Relations is Like a Geopolitical Rorschach Test
It's often said that analyzing China-Africa ties is a lot like looking at one of those inky splotches you see on a Rorschach test. If you think China's engagement in Africa is the worst thing that's happened to the continent in ...
China’s Ambassador to Somalia Attempts to Downplay African Debt Concerns
China's Ambassador to Somalia, Qin Jian, is on something of a Twitter tear these past few days. He's posted dozens of short commentaries on everything from Taiwan (not surprising given the recent Somaliland-Taiwan announcement), Somalia's potential for natural resource ...
UN Agency is Upset With Moody’s After the Firm Took Action Against Four African Countries
The United Nations’ Department of Economic and Social Affairs is disappointed with Moody's Investors Services after the global ratings agency put four African countries up for review following their decision to join the G20's debt service suspension initiative (DSSI), according to a report in ...
China’s Ambassador to the UK Reiterates that Beijing Prefers to Work With Borrowers Bilaterally
In a Q&A session broadcast on Twitter, China's influential ambassador to the United Kingdom, Liu Xiaoming, admitted publicly that Beijing prefers to work with borrowers bilaterally rather than through multilateral organizations because it's "more effective."
LSE: Debt Relief and Africa During COVID-19
The Firoz Lalji Centre for Africa at the London School of Economics recently convened a discussion on the public policy implications surrounding COVID-19 and debt relief in Africa. Dr. Shirley Yu from LSE and the Harvard Kennedy School provided a robust articulation of the Chinese position on ...