Tag: debt
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China’s Not Getting Its Money Back from Africa Any Time Soon, So Why Not Take the Lead in Debt Relief?
As economic conditions worsen across the continent, it's becoming increasingly evident that African governments will not be able to service the tens of billions of dollars in debt they've taken on over the past decade. Ethiopian Prime Minister Abiy Ahmed and ...
It’s Time We Talk About All That Chinese Debt in Africa
There are growing calls for international lenders to cancel or at least reschedule significant portions of Africa’s debt as economies one after across the continent another sink into recession as a result of the worsening COVID-19 outbreak. Earlier this month,
Africa’s Knocking on the Wrong Door for Debt Relief
The whole discussion going on today over calls from African leaders to write off or reschedule their countries' debts feels completely disconnected from reality. For some reason, they're focusing all of their attention on the G20 leaders summit that's going to take place today and comments ...
It’s Time to Talk About All That Debt
Ethiopian Prime Minister Abiy Ahmed took the initiative on Tuesday to talk about the proverbial elephant in the room: with Africa's economies spiraling downwards due to the worsening COVID-19 crisis, how are they ever going to be able to pay back all that money they owe ...
Amid Plunging Prices, Africa’s Commodity-backed Debts to China Become Perilous
Over the past 15 years, many African countries borrowed tens of billions of dollars from China to build badly-needed infrastructure. Short of cash, these countries instead leverage their natural resources to repay their debts. Ghanaian bauxite, Angolan oil, and Zambian copper, ...
COVID-19 Expected to Cause Widespread Economic Disruption in Africa
Editor's Note: although Africa, so far, has been spared from the health consequences of the COVID-19 outbreak in China, the economic impact is already being felt across the continent and is expected to have severe repercussions in most countries through reduced export earnings, higher borrowing costs, and ...
World Bank Chief’s Criticism of AfDB Lending Practices Also Reflects Broader U.S. Anxiety About Chinese Debt in Africa
Officials at the African Development Bank (AfDB) are still smarting over last week's comments by World Bank president David Malpass who accused the AfDB of having “a tendency to lend too quickly and add to the debt problem of the countries" on the ...
Early Warning Signs Indicate Coronavirus Crisis Could Provoke Anti-China Backlash Among Some Policymakers in Africa
Chinese officials would be well-advised to pay close attention to the Twitter account of Kenyan Senator Ledama Olekina who last week Tweeted to his 73,000+ followers an angry conflation of the debt and coronavirus issues. If the virus makes ...
Are African Governments Naive to Take on so Much Chinese Infrastructure Debt?
China, according to the prevailing "debt trap" narrative, is preying on vulnerable developing countries by loading them up with unsustainable amounts of debt that jeopardizes their sovereignty. When these countries inevitably default on the loans, according to the theory, China ...
10 Critical Issues That Will Shape China-Africa Relations in 2020
What was once a relatively straightforward geopolitical relationship fueled by a desire for resources and a need for investment is becoming much more multifaceted and vastly more complex. While China's appetite for African resources remains important, the reality is that much of what Africa has to sell ...
Yun Sun: Chinese Debt Fatigue in Africa Opens Opportunities for New Emerging Powers
Brookings Institution non-resident fellow Yun Sun writes today that the Chinese debt-led financing model in Africa may be starting to wear thin as a growing number of countries across the continent become increasingly concerned about repaying all those Chinese loans. "As ...
Media Watch: Three Reasons Why to be Wary of CNBC’s Coverage of the Burgeoning China-Zambia Debt Crisis
Zambia is struggling to repay its debts and, according to new research from the business intelligence firm EXX Africa, and Chinese corporate creditors are indicating they aren't willing to just write off the losses. Breakdowns in Zambia's energy supply is rippling ...