Tag: debt
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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 ...
Sliding Currency Push Up Kenyan Payments for Chinese Railway
Kenyan tax payers will have to cough up $87 million more for a January repayment of a loan for the Chinese-built Standard Gauge Railway (SGR) because of a depreciation on the value of the Kenyan shilling. According to the World Bank,
The Africa-China 2023 Year in Review
2023 was a transformative year for China’s ties with Africa. Chinese investment, trade, and diplomatic engagement were either flat or declined sharply over the past year, highlighting how this once-vibrant relationship is now entering a new, more austere period.
Kenya’s Rapidly Devaluing Currency Pushes Up Debt Servicing Costs, Particularly to China
The cost to repay Kenya's dollar-denominated loans is getting more expensive, literally by the day. The National Treasury reported that the plunging value of the shilling since the beginning of the year has increased the cost to service dollar-denominated loans by ...
WEEK IN REVIEW: Ethiopia Debt Update | China @COP28 | Chinese Energy Projects in Africa
Ethiopia is the latest African country that is now teetering on the verge of default after the government announced this week that it would not be able to make a $33 million bond payment. Eric speaks with Mark Bohlund, a senior ...
Ethiopian Bonds Spike As It Awaits Official Default
Ethiopia’s bond price jumped to their highest level since January on the news that the government will not make a $33 million interest payment due on 11 December. Ethiopia has a 14-day grace period to come up with the money, after which
Ethiopia To Default on Bond Payment
Ethiopia is set to join Zambia, Sri Lanka, and Ghana on the debt chopping block following the announcement that it can’t pay a $33 million bond coupon due on Monday. The country will officially be in default once a 14-day grace period elapses. ...
Who Will Come to the Rescue? The Inadequacies of the Global Financial Safety Net and Its Impact on Developing Countries
By Marina Zucker-Marques and William N. Kring In an era marked by ‘higher-for-longer’ interest rates and restricted access to international financial markets, access to emergency liquidity financing is essential for emerging markets and developing economies (EMDEs) to weather economic ...
Belt and Road Initiative at 10: Milestones and Concerns Across Southeast Asia
China held its third Belt and Road Forum for International Cooperation in Beijing in October, with leaders from Southeast Asia in attendance to commemorate the tenth anniversary of the Belt and Road Initiative (BRI). At the opening ceremony, the Chinese president Xi Jinping posed with ...
A Primer on China’s Role in the Worsening Zambian Debt Crisis
Zambia's debt restructuring deal that was hailed earlier this year as a "landmark" breakthrough for developing countries is now in shambles. Talks broke down a couple of weeks ago when bilateral creditors led by China and France objected to the terms ...