Tag: debt
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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 ...
The Implosion of Zambia’s Debt Deal Signals Wider Worries
Delays in restructuring Zambian debt are weighing on the country’s economy and raise wider questions about the future of debt relief mechanisms around the world. Zambia appears stuck since the announcement last Monday that its committee of official creditors rejected a deal between ...
WEEK IN REVIEW: Zambia Debt | Lula’s China Diss | China-Africa Journalism
Zambia suffered a major setback this week in its nearly three-year odyssey to restructure $32 billion of debt when the country's bilateral creditors led by China and France pushed back against bondholders. Plus, Brazilian President Luiz Inácio Lula da Silva issued ...
What the Past Tells Us About the Future of the BRI
There's a widely-held perception in many parts of the U.S., Europe, and India that debt and geopolitics have led to the demise of China's Belt and Road Initiative (BRI). But a landmark new study from AidData proves otherwise, revealing not only ...