Tag: financial crisis
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Sri Lanka to Save $5 Billion From Bilateral Debt Deal
Sri Lanka will save $5 billion following the restructuring of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday. The island nation defaulted on its foreign borrowings in ...
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UN Secretary-General Issues Stark Warning on Developing World Debt: Too Little’s Been Done and Now It’s Too Late
United Nations Secretary-General Antonio Guterres issued a dark warning on Monday that too little had been done to resolve the burgeoning debt crisis in developing countries what has been so far is “too limited in scope and too late.” Guterres told the ...
Momentum is Building For the IMF to Issue $650 Billion in New Capital Intended to Help Developing Countries
The International Monetary Fund may issue new Special Drawing Rights (SDR) that would provide $650 billion to its members, the bulk of which is intended to go to the world's poorest countries to help mitigate the impact of the ongoing economic downturn.
Rich Countries Give IMF the Green Light to Boost Funding Through New Special Drawing Rights
The IMF moved one step closer on Tuesday to providing developing countries with a badly-needed cash infusion after the fund was granted approval by wealthy G20 nations to proceed with the issuance of new so-called Special Drawing Rights (SDRs).
Cyril Ramaphosa Renews Calls For Urgent Debt Relief for Africa. But is Anyone Listening?
South African President and Chair of the African Union Cyril Ramaphosa issued yet another urgent appeal for the international community to provide immediate debt relief for Africa. "Urgent and collective action is needed there to stave off that crisis and to maintain the invaluable social gains that ...
TOPSHOT - A giant screen outside a shopping mall shows news coverage of Venezuelan President Nicolas Maduro meeting Chinese President Xi Jinping in Beijing on September 13, 2023. (Photo by Pedro PARDO / AFP)
In recent months, amid U.S. military interventions in Venezuela and Iran, questions about how China responds to threats facing its “allies” – if they can be described as such – have resurfaced with increasing frequency in policy circles worldwide, including across the Global South. This ...
Sri Lanka to Save $5 Billion From Bilateral Debt Deal
Sri Lanka will save $5 billion following the restructuring of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday. The island nation defaulted on its foreign borrowings in ...
UN Secretary-General Issues Stark Warning on Developing World Debt: Too Little’s Been Done and Now It’s Too Late
United Nations Secretary-General Antonio Guterres issued a dark warning on Monday that too little had been done to resolve the burgeoning debt crisis in developing countries what has been so far is “too limited in scope and too late.” Guterres told the ...
Momentum is Building For the IMF to Issue $650 Billion in New Capital Intended to Help Developing Countries
The International Monetary Fund may issue new Special Drawing Rights (SDR) that would provide $650 billion to its members, the bulk of which is intended to go to the world's poorest countries to help mitigate the impact of the ongoing economic downturn.
Rich Countries Give IMF the Green Light to Boost Funding Through New Special Drawing Rights
The IMF moved one step closer on Tuesday to providing developing countries with a badly-needed cash infusion after the fund was granted approval by wealthy G20 nations to proceed with the issuance of new so-called Special Drawing Rights (SDRs).
Cyril Ramaphosa Renews Calls For Urgent Debt Relief for Africa. But is Anyone Listening?
South African President and Chair of the African Union Cyril Ramaphosa issued yet another urgent appeal for the international community to provide immediate debt relief for Africa. "Urgent and collective action is needed there to stave off that crisis and to maintain the invaluable social gains that ...
How Long Can African Leaders Keep Repeating Themselves on Debt?
This week saw yet another African leader (this time my own president, Cyril Ramaphosa,) calling for international measures to soften the current debt crisis confronting poor countries in Africa and beyond. None of these measures are outrageous. Considering that seven out of the top 10 fastest-growing economies ...
The Challenge of Responding to the Zambian Crisis
Zambia’s slow creep towards an official default is raising a lot of discussion about how to avoid this kind of crisis from spreading. Not surprisingly, much of this focus is falling on China, and rightly so. China’s insistence on handling successive troubled loans on an opaque case-by-case ...
The Collectivity Question
Is unrelenting grimness more palatable if it is also instructive? Africa's current debt crisis will soon provide an answer. The continent's slide into debt distress due to the COVID-19 pandemic has been very revealing of Africa's position in the world. Despite ...
IMF Chief: Africa Faces Projected Financing Gap of $345 Billion Through 2023
IMF Managing Director Kristalina Georgieva implored the international community to "do more to support Africa" to help recover from the worsening economic crisis on the continent brought on by the COVID-19 pandemic. She said lenders and international NGOs have so far only ...