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World Bank President Says He’s Confident China, Private Creditors Will Deliver Debt Relief
World Bank President David Malpass (photo) told Bloomberg that he's confident private creditors will somehow come up with a way to restructure the $140+ billion of bond debt that poor countries owe investors. “The view of the international community was very ...
Bloomberg’s Alonso Soto: “The Ticking Debt Bomb in Africa Threatens a Global Explosion”
Bloomberg's Nigeria correspondent Alonso Soto is covering the burgeoning debt crisis in Africa more closely than any other international journalist, filing 2-3 stories a week on the topic. Until now, his reporting on the issue has been quite measured, with straightforward stories on the progress of various ...
World Bank President Frustrated About the Slow Pace of Private Debt Relief for Africa
World Bank President David Malpass said in a conference call with reporters on Tuesday that he is disappointed that Africa's private creditors aren't doing more to provide badly-needed relief for poor countries struggling amid worsening economic conditions brought on by the COVID-19 pandemic. (BLOOMBERG) ...
China: Between Opening up Its Financial Sector and Holding on to Its Key Economic Sectors
Until recently, foreign companies had been restricted from autonomously and freely operating in the Chinese market due to the strict requirement by China’s government for full Chinese ownership and leadership in the country’s key economic sectors: telecommunications, railways, finance, aerospace among others. For foreign companies that operate ...
Kenya Looks Beyond China for New Sources of Development Finance
Since the new year, Kenya has taken some rather bold steps to reduce its borrowing costs and ensure that new loans are "fairly priced." The Treasury is seeking to refinance large portions of its current debt that's priced at commercial rates into more affordable concessionary loans. Separately, ...
2020 Will be a Big Year in the China-Africa Tech Sector
China's role in the African tech market is rapidly evolving away from just being a source of low-cost electronics to becoming the indispensable player in the continent's rapidly developing market for digital services, networking equipment and venture capital financing.
Six African Leaders Confront IMF Director, Insist that Bretton Woods Institutions Have to Change
Dr. Kaberuka's comments on Sunday in Kigali were similar to sentiments expressed in a somewhat confrontational forum that took a few days earlier in Dakar. At a conference on debt sustainability organized by the International Monetary Fund, six African leaders led by Senegalese ...
After a “Cordial Meeting,” China-Zimbabwe Come to Terms Over Accounting Discrepancy
The Zimbabwean and Chinese governments have seemingly patched things up after a high-profile 48-hour spat over what appears to be an accounting error in the 2020 Zimbabwe budget. In the initial draft budget published last week, Zimbabwe finance minister Mthuli Ncube reported that China had only contributed ...
Q&A: Why African Governments May Want to Pay Attention to Jamaica’s Decision to Freeze Borrowing From China
Jamaica is taking bold steps to manage its growing indebtedness to China as part of an ongoing policy experiment that puts a hold on new borrowing from Beijing until the government reduces its current level of debt. And Kingston's approach in how it's trying to reconcile the ...
Transsion IPO Proves the Promise of the African Market
This week's stunning stock debut of the Chinese company that dominates the African mobile phone market is definitive proof in the promise of the African market. Shenzhen-based Transsion Holdings started trading this week on the NASDAQ-style Star exchange in Shanghai where its stock immediately shot up ...
The U.S. Wants to Challenge China’s Dominance in Lending to Developing Countries. Here’s How They Plan To Do It.
U.S. president Donald Trump signed the Better Utilization of Investments Leading to Development, also known as the BUILD Act, into law on October 5th, creating a powerful new development finance organization that is aimed at challenging China’s dominance in lending to developing countries. The ...
An Insider’s View of the China-Africa “Debt Trap” Debate
The issue of whether African countries are taking on too much Chinese debt is often positioned in the West as some kind of choice as if Africa policymakers prefer to take loans from the Chinese rather than Western governments or international organizations like the ...