Tag: debt
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Nigeria’s Debt to China Edges Higher
Nigeria's debt obligations to China increased by almost half a billion dollars in the second half of last year to $5.16 billion, according to new data released by the Nigerian Debt Management Office (DMO). While China is by far Nigeria's largest bilateral ...
Angolan President Returned Home From China With Diplomatic Upgrade, Oil Deals, and Debt Relief Promises
Unlike several African presidents who've recently visited China and left largely empty-handed, Angola's João Lourenço wrapped up a three-day visit with several important tangibles that highlight the southwestern African country's growing importance as a frontline state in the Great Power rivalry between the U.S. and China. ...
African Development Bank Head Calls for End to Resource-Backed Loans
Akinwumi Adesina, president of the African Development Bank, urged leaders on the continent to end the practice of exchanging raw materials for development, a practice known as resources-for-loans that was pioneered on a truly massive scale by China.
Putting Geopolitical Competition on Display: Sierra Leonian President Visits China
By Lucas Engel On Saturday, March 2, 2024, Julius Maada Bio, the President of Sierra Leone, returned from China, marking the end of the year’s first visit to China by an African head of state.
A Call for African & Latin American Countries to Share Notes on Dealings With China
Chinese Foreign Minister Wang Yi confirmed this week the triennial Forum on China-Africa Cooperation (FOCAC) conference that will take place later this year in Beijing will, in fact, be a leaders summit. Before the FOCAC ...
Investors Celebrate Zambia’s Debt Deal With China by Snapping Up Government Bonds
Zambian bonds traded at their highest levels in 18 months on Monday following news that Lusaka reached a debt deal last week with official Chinese creditors. “China agreeing on terms means that we can get on with the private-creditor restructuring,” Sam ...
Africa’s Debt Dilemma: The Urgent Need for More Equitable Borrowing
For the first time in years, a few African countries are venturing back into the bond market to raise funds for infrastructure and to pay down their debts. However, borrowing more from private creditors is a risky move given the difficulties ...
Zambia Expresses Optimism It Can Allay Chinese Concerns Over Debt Deal
The Zambian Finance Minister Situmbeko Musokotwane said he's hopeful his country's three-year debt restructuring odyssey can finally be resolved sometime before June. Musokotwane was cautious about providing any specific timetable but said on Wednesday that he's nonetheless optimistic he can resolve Chinese concerns ...
How China Can Make a Significant Difference in Mobilizing Capital for Climate and Conservation
By Rebecca Ray On February 7, major global creditors will meet at the Global Sovereign Debt Roundtable (GSDR) to address the continuing debt crisis among emerging market and developing economies (EMDEs), which have faced a confluence of crisis factors – ...
Ghana Announces Debt Deal
Ghana announced a deal with its official creditors that would push back loan repayments until 2026. The government also says it will strike a deal with Eurobond investors for a new deal on $13 billion of private sector debt. Speaking at ...
China-Africa Relations in 2024: Insights From Six Experts
China's engagement in Africa is at a critical inflection point where many of the various stakeholders in this important relationship are re-evaluating what they want from the other. In this special episode, we speak with ...
IMF “Optimistic” About Ghana Debt Deal Amid Predictions that Chinese Lending Could Bounce Back
The International Monetary Fund said it is hopeful that Ghana will reach a debt agreement with bilateral creditors soon, which would unlock another $600 million IMF payment to the country. The IMF’s Resident Representative for Ghana, Leandro Medina told Reuters: "We are ...