Tag: debt
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Chinese FM Wang Yi Pushes Back Against Critics in Africa and Offers More Public Support for the G20’s Debt Relief Agenda
Chinese Foreign Minister Wang Yi held a press conference on Sunday with both domestic and international journalists during the ongoing 13th National People's Congress (NPC), China's annual legislative session. Unsurprisingly, China's handling of the ongoing COVID-19 crisis at home and abroad, ...
Even if Africa’s Creditors Reach a Debt Relief Deal, Moody’s Says It Won’t Matter in the Long Run
The global credit rating agency Moody's Investors Services issued a grim warning this week that even if African governments are able to finalize a debt relief deal with their creditors, it won't help very much. "While debt-service relief will allow some ...
World Bank President Frustrated About the Slow Pace of Private Debt Relief for Africa
World Bank President David Malpass said in a conference call with reporters on Tuesday that he is disappointed that Africa's private creditors aren't doing more to provide badly-needed relief for poor countries struggling amid worsening economic conditions brought on by the COVID-19 pandemic. (BLOOMBERG) ...
African Leaders Criticize Wealthy Countries For Lack of Progress on Debt Relief
Five African presidents, from Kenya, Ivory Coast, Sierra Leone, Senegal, and Niger, decried the lack of meaningful progress by wealthy industrial countries on debt relief and financial assistance to the continent amid the worsening COVID-19 outbreak. The leaders took part in a ...
Deborah Brautigam: Don’t Expect China to Cancel Africa’s Debts, They’ll Probably Just Reschedule Them
So long as there's no official word from the Chinese government as to how they specifically plan to address the $150 billion of outstanding debts that African governments owe Bejing, everyone's speculating as to how they'll likely proceed. Professor Deborah Brautigam, ...
It Looks Increasingly Unlikely Africa Will be Able to Negotiate Package Debt Relief Deals With Either Private Creditors or the Chinese
Hopes for a consolidated African debt relief package from both private creditors and Chinese lenders appear to be fading. On Friday, news came that a coalition, the Africa Private Creditor Working Group or AfricaPCWG, representing 25 large asset managers and institutions had been formed to negotiate with borrowers.
In Xi-Ramaphosa Call the Chinese President Gently Reminds His South African Counterpart About Taiwan and Beijing’s “Core Interests”
Chinese President Xi Jinping spoke by phone on Friday with his South African counterpart Cyril Ramaphosa. The bulk of the discussion, according to a summary published by the Chinese Ministry of Foreign Affairs, was what one would expect:
There’s an Interesting Debate Underway Among Scholars Over Whether China is Hiding Its Overseas Lending
A discussion over the extent of China's "hidden loans" in Africa and other developing regions has been bubbling all spring in Washington's think tank and scholarly circles. It all started back in late March when the Wall Street Journal published an article featuring
Time is Running Out For African Debt Relief
It must be weird for African finance ministry officials to watch how large governments around the world have moved with unprecedented speed to pass trillions and trillions of dollars in emergency relief aid to bolster their own economies. Even the completely dysfunctional U.S. Congress that passes fewer ...
This Chart Shows What African Union and UN Negotiators Are Desperately Trying to Avoid
Interest rates on Zambian 10-year bonds have more than doubled since January to an astonishing 38%. So, it's not surprising there's growing speculation that Lusaka will have no choice but to default on its $3 billion of bond holdings. ...
Al Jazeera: African Countries Turn to China for Debt Relief
Al Jazeera correspondent Mohammed Adow reports from Nairobi on how rapidly deteriorating economic conditions in East Africa due to the worsening COVID-19 outbreak is prompting more governments in the region to look to China for help... at least in terms of repaying their debts.
Paris Club Chief Says She’s Confident China Will Join International Debt Relief Effort for Developing Countries
The Chair of the Paris Club of wealthy donor states, Odile Renaud-Basso, is increasingly confident that China will join the broader international effort to provide debt relief to countries facing high levels of economic distress. In Africa, China has an ...