Tag: debt
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“All the Numbers Point to an Unfolding Debt Nightmare” in Kenya
The prominent Kenyan columnist and economic advisor to Saudi Arabia's Monetary Authority, Mohamed Wehliye, published a stark warning to the government in Nairobi that the country's debt is on the verge of spiraling out of control and urgent measures are needed to rein in spending.
China-Africa in 2020: Three Trends to Watch
One of the reasons the China-Africa relationship is interesting is because even though it keeps expanding into new areas, some of this momentum is also driven by the long history between the two sides. Tracking China-Africa relations is ...
As African Leaders Say Don’t Worry, IMF Issues New Warning on Rising Debt Levels Across the Continent
There are conflicting messages emerging about the potential risks associated with Africa's steadily rising debt levels. Yesterday, the IMF issued a new warning that the amount of debt that African governments now owe has doubled over the past years as borrowing from capital markets and bilateral lenders, ...
Letter to the Editor: Those “Sino-Africa Swap Deals are Happening”
After I published the story yesterday on the evolution of China's Resource-for-Infrastructure deals in Africa and the emergence of new financing models, known as "Sino-Africa Swap" deals, I wanted to get some additional perspective to find out if this is something that's actually happening or if ...
“The Idea That Africa is Drowning in Debt is Nonsensical”
The former president of the African Development Bank, Dr. Donald Kaberuka, joined a chorus of African leaders this week to reject accusations that African governments have taken on too much debt and have borrowed excessively from China. In a speech at ...
African Leaders Push Back on Western-led Debt Narrative, U.S., European Officials Should Take Note.
For years U.S. and European leaders have been warning their African counterparts about the dangers of taking on too much debt, particularly from China. Now, it appears that some African leaders have had enough of these lectures and they're starting to push back. They're saying that even ...
Ghana’s Risky $2 Billion ‘Roads for Resources’ Gamble with China
Ghana is moving forward with an environmentally-risky resources-for-infrastructure deal with the Chinese state-owned construction conglomerate Sinohydro. According to the agreement, Ghana will provide 5% of its bauxite reserves to Sinohydro in exchange for a $2 billion package of infrastructure that includes ...
Without the Chinese, Uganda is Going to Find Out if Anyone Else Wants to Loan Them Money to Refurbish a Railway
After failing to secure a $2.2 billion loan from the Chinese to build a new Standard Gauge Railway (SGR) to replace the country's decrepit century-old colonial-era railway, Uganda is now looking to secure funding for a much more modest refurbishment of its 1,266km system. ...
Kenya’s Newest SGR Line is Up and Running But Bad Roads Means No One Can Actually Get to the Stations
Two days after the high-profile launch of Kenya's Standard Gauge Railway line between Nairobi and Naivasha, the trains are running largely empty as very few passengers can actually get to the stations due to the poor condition of the roads. Nearby ...
European State Media Pose Tough Questions About Railway Financing in Kenya While Overlooking One Very Important Point
It's so interesting to see EU/US coverage of the SGR debt issue in Kenya when their state-run media channels constantly point out this new rail line is unprofitable. Sure, but consider that in 2018 Germany spent $13.3 billion to subsidize its rail operations.
Three East African Countries to Introduce New Tolls to Pay Back China for Road Building Loans
Kenya, Tanzania, and Uganda have all announced plans to begin charging toll roads on certain expressways built with Chinese financing. The proposed fees, according to UK-based infrastructure industry publication ITS, is apparently intended to generate the necessary funds to repay Chinese lenders.
New SGR Railway Gets Mixed Reviews on Kenyan TV and Barely Any International Coverage
Kenyan TV channels broke into regularly scheduled programming for live coverage of Wednesday's SGR launch. A lot of the initial reporting, particularly during the live broadcast, was generally positive but as the day went on the tone on several networks began to change. KTN and NTV, in ...