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Nigeria’s Transport Minister Just Said the Quiet Part Out Loud: China’s No Longer Funding Large-Scale Railways in Africa
Nigerian Transportation Minister and likely presidential candidate, Rotimi Amaechi, publicly acknowledged what's been widely known: that China is no longer in the business of financing massive, multi-billion railway projects in Nigeria. “We are stuck with lots of our projects because we ...
Influential U.S. Group Calls on China and Other Creditors to Be More Transparent About Emerging Market Debt
An influential group of scholars and finance leaders in the U.S. appealed for a new "global consensus" on debt transparency in developing countries and described China's involvement as "critical." The Bretton Woods Committee said in a report ...
Kenya’s ICT Minister is Now The Third High-Ranking Official to Defend the Government’s Refusal to Publicize SGR Contract
Kenya's Cabinet Secretary for Informations, Communications Technology Joe Mucheru spent almost an hour on Spice FM's national radio and television morning broadcast on Wednesday touting the accomplishments of President Uhuru Kenyatta's administration in promoting transparency in government. Mucheru strenuously pushed back ...
Uganda Should Borrow Less, Says President
President Yoweri Museveni wants to stop borrowing and would rather finance his government through increased trade and domestic economic activity, according to comments he made this week in an interview with Reuters. "Uganda can do much better without borrowing in my ...
Right Now, It’s the U.S. Fed, Not China That’s Making African Borrowers Very Nervous
While one U.S. foreign policy analyst after another sounds the alarm on the threats posed by Chinese debt in Africa and elsewhere, the reality is that finance policymakers across the continent are currently more anxious about what's going to happen in Washington, specifically at the ...
Contrasting U.S. and Liberian Views on the Role of Chinese Lending in African
There's been a noticeable increase this year in the frequency of seminars (off and online) in the United States about the Belt and Road and China's role in Africa in particular. Generally speaking, the consensus among the participants, particularly those from the U.S., is quite negative towards ...
Ghana Tries to Defend Itself Against Debt Critics
The Ghanaian Finance Ministry is angrily refuting recent reports by Bloomberg News reflecting the increasingly widespread perception in the global financial community that the country is now over-extended and facing debt distress. 'There are some serious factual errors in the article, ...
Renewed Calls For Chinese Debt Relief as Wang Yi Wraps Up Africa & Indian Ocean Tour in Sri Lanka
Chinese Foreign Minister Wang Yi concluded his week-long, five-nation tour of East Africa and Indian Ocean states on Sunday in Sri Lanka, where he held talks with Prime Minister Malina Rajapaksa and his brother President Gotabaya Rajapaksa. The politically sensitive issue ...
East Africa’s New Year’s Resolution: Borrow More Money
Kenya, Tanzania, and Uganda are starting 2022 with an eye on borrowing hundreds of millions of dollars to fund new infrastructure development and to help close the finance gap created by the ongoing COVID-19 pandemic. The Kenyan ...
Unlike Many Other African Currencies, the Zambian Kwacha Had a Great 2021, Buoyed by Hope for a Debt Deal
While currencies like the Kenyan shilling and the Nigerian naira lost value in 2021, the Zambian kwacha enters the new year with some serious momentum. The kwacha surged 27% last year, mostly on the hope that President Hakainde Hichilema will turn around the economy ...
Kenya’s Transport and Infrastructure Minister Explains Why Big Projects All Go to Chinese Contractors
Kenya's straight-talking Transportation and Infrastructure Cabinet Secretary James Macheria (photo) bluntly explained why the government consistently awards major infrastructure projects to Chinese contractors: For any project, we go through a very competitive process. I will give you an ...
WEEK IN REVIEW: Kenya’s Monetary System Struggling Under the Weight of Chinese Debt Servicing Obligations
The demands of servicing debts, largely to China, are weighing heavily on Kenya's monetary system. The shilling dropped again in Monday trading and the central bank reported that foreign exchange reserves have plunged by $899 million over the last three months. Analysts say beyond the hundreds of millions ...