Tag: debt
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African Leaders Plead For Faster Debt Relief at International Summit
Kenyan President Uhuru Kenyatta used his opening speech at a virtual leaders summit of the Organization of the African, Caribbean and Pacific States (OACPS) to plead for more debt relief, particularly for the world's poorest countries. "The debt of many member states continues to rise. ...
China Says It’ll Work With Angola on G20 Debt Relief, But Remains Vague About Status of Bilateral Loans
The Chinese government on Wednesday reaffirmed its position that it will cooperate with the G20's ongoing debt relief initiative in Africa but refused to provide any specific details about how Beijing plans to reschedule its vast loan portfolio in Africa, specifically in Angola.
Amid an Unprecedented Debt Crisis, Nigeria’s House of Reps Approves $23 Billion of New Loans — Mostly From China
Nigeria's House of Representatives approved a request by President Mohammadu Buhari to borrow an additional $22.7 billion from international creditors. Tuesday's House vote follows earlier approval by the Senate. It's important to note ...
Q&A: Nigerian Representative Ben Igbakpa Explains Why He Wants to Investigate 20 Years of Chinese Loans
April marked the beginning of major turbulence in China-Africa relations following reports of racism against Africans in Guangzhou. Then the unprecedented happened when African ambassadors wrote a joint letter to the Chinese government demanded an explanation for the maltreatment of Africans in China.
Georgetown’s Ken Ochieng’ Opalo is the Latest Scholar to Discredit the “Chinese Debt Trap” Theory in Africa
Georgetown University Assistant Professor Ken Ochieng’ Opalo published a blog post on his personal site this weekend that aimed to debunk the widely-held perception in Washington that China is engaging in a form of "debt-trap diplomacy" in Africa.
Tweet of the Day: Kenyan Economist David Ndii Highlights One of the Most Important Challenges in the Current China-Africa Relationship
Popular Kenyan economist David Ndii gave voice today to a widely-held perception among large swathes of African civil society that Chinese interests are much more aligned with the continent's governing elites than with those of everyday people. This hasn't been helped, ...
Debt Relief in Africa: A Conversation With Renaissance Capital’s Charlie Robertson
Ethiopian Prime Minister Abiy Mohamed was among the first African leaders to issue an urgent appeal for debt relief back in March even before COVID-19 had become a serious public health issue on the continent.“COVID-19 poses an existential threat to the ...
2+ Months Into the COVID-19 Economic Crisis in Africa and Still No Word on Debt Relief
It's been more than two months since Ethiopian Prime Minister Abiy Ahmed warned in a letter to G20 leaders that African countries face an "existential threat" from the economic crisis brought on by the COVID-19 outbreak. Since ...
As Enthusiasm in Africa For the G20’s Debt Relief Plan Fades, Attention Turns to What China Will do
The G20 and Paris Club debt relief proposal for Africa is encountering headwinds as a more and more countries are becoming increasingly wary of the terms of the deal. The key sticking point is a requirement that if an African country wants to qualify for the G20/Paris ...
Background: What Does Kenya Owe? And to Whom?
While there's widespread concern in Kenya about the country falling prey to a Chinese "debt trap," the reality is that Kenyans should be far more concerned about the consequences of failing to repay private creditors than the small Chinese portion of its national debt. ...
With No Debt Relief Deal in Place, Africa’s Economic Crisis Worsens by the Day
The cost of borrowing for many African governments is rapidly rising as the economic crisis on the continent worsens. While the double-digit yields on African bonds is great news for investors looking for new growth opportunities, it's an absolute tragedy for governments who are forced to divert even ...
Chinese Officials Are Rallying Behind the G20’s Debt Relief Efforts But Saying Little About All Those Bilateral Loans
China's Ambassador to Namibia, Zhang Yiming, Tweeted out a summary of Wang Yi's comments related to Africa that the foreign minister shared at a press conference in Beijing on Sunday. While Ambassador Zhang and Foreign Minister Wang appear ...