Tag: G20
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China’s New Top Diplomat For Sub-Saharan Africa Lays Out His Agenda
China's former ambassador to Kenya and the new head of the African Affairs Department at the Ministry of Foreign Affairs, Wu Peng, laid out his agenda in a recent column published in the state-run China Daily newspaper. There ...
With an Eye on China, G7 Finance Ministers Call on G20 Bilateral Creditors to Keep Their Debt Freeze Promises
U.S. Treasury Secretary Steven Mnuchin hosted a teleconference with his fellow finance ministers from the Group of Seven rich countries on Monday and the burgeoning debt crisis in the world's poorest countries was high on the agenda. The finance chiefs called ...
The Complicated Geopolitics Behind the G20’s Debt Suspension Program
Africa economist Mark Bohlund made an interesting observation yesterday following the news that both Djibouti and Zambia had been approved by the G20 to take part in the Debt Service Suspension Initiative. The fact that both countries owe little to nothing to one of China's ...
There’s an Emerging Consensus That the G20’s Debt Relief Efforts Are Going Nowhere
As leaders in Africa no doubt watch with some measure of disbelief how their wealthier peers in China, Europe, and the United States marshall trillion-dollar relief packages to fight the COVID-19 induced economic crisis, they've got to be wondering how it's possible that these rich countries still ...
UN Agency is Upset With Moody’s After the Firm Took Action Against Four African Countries
The United Nations’ Department of Economic and Social Affairs is disappointed with Moody's Investors Services after the global ratings agency put four African countries up for review following their decision to join the G20's debt service suspension initiative (DSSI), according to a report in ...
As G20 Debt Relief Effort Flounders, World Bank President Calls Out the Chinese by Name
There's growing unease in the international donor community that China doesn't seem aligned with other major creditors on how to resolve the increasingly serious debt crisis in Africa and other developing regions. World Bank President David Malpass hinted at simmering frustrations when he called ...
China’s Ambassador to the UK Reiterates that Beijing Prefers to Work With Borrowers Bilaterally
In a Q&A session broadcast on Twitter, China's influential ambassador to the United Kingdom, Liu Xiaoming, admitted publicly that Beijing prefers to work with borrowers bilaterally rather than through multilateral organizations because it's "more effective."
A Lot of People Mistakenly Think China Suspended Bilateral Debt Repayments in Africa. They Didn’t.
China's recently published COVID-19 white paper was intended to clear up confusion about Beijing's efforts to contain the outbreak and what it's doing to support other countries, including economic assistance. And it's on the issue of debt relief, in ...
As Enthusiasm in Africa For the G20’s Debt Relief Plan Fades, Attention Turns to What China Will do
The G20 and Paris Club debt relief proposal for Africa is encountering headwinds as a more and more countries are becoming increasingly wary of the terms of the deal. The key sticking point is a requirement that if an African country wants to qualify for the G20/Paris ...
It Looks Increasingly Unlikely Africa Will be Able to Negotiate Package Debt Relief Deals With Either Private Creditors or the Chinese
Hopes for a consolidated African debt relief package from both private creditors and Chinese lenders appear to be fading. On Friday, news came that a coalition, the Africa Private Creditor Working Group or AfricaPCWG, representing 25 large asset managers and institutions had been formed to negotiate with borrowers.
Kenya’s Dilemma: If It Wants G20 Relief Then It Can’t Issue More Bonds or Take out More Loans. So How Does It Close a Gaping Budget Deficit?
Kenya, and likely many other African countries, is in a bit of a pinch right now: it desperately needs to raise money to close an estimated $7.7 billion budget deficit. But if the Treasury wants to remain qualified for G20 debt relief then it can't go out ...