Tag: G20
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Xi, Hichilema Speak Amid New Allegations China’s “Rookie Status” is Slowing Zambia’s Debt Restructuring Process
Zambian President Hakainde Hichilema raised the sensitive issue of his country's burgeoning debt crisis during a phone call on Tuesday with Chinese President Xi Jinping. President Hichilema, according to a statement on his official Facebook page, ...
Magalie Masamba on What It’s Going to Take to Resolve Africa’s Debt Distress
Until a few years ago, before the pandemic, most African economies were among the world's best performing in terms of debt. Revenues were sufficient and debt-to-GDP levels were largely well below the IMF's 50% threshold. ...
Top U.S. Treasury Official Issues Veiled Warnings to African Countries About the Risks of Borrowing From China
Deputy U.S. Treasury Secretary Wally Adeyemo repeated longstanding warnings to African ministers about the dangers of borrowing from China in a virtual speech before the Conference of African Ministers of Finance, Planning and Economic Development that's taking place in Dakar, Senegal this week.
Financial Mega Firm BlackRock, China Both Blamed For Slowing Zambia’s Debt Restructuring Process
Zambia's burgeoning debt crisis is once again in the spotlight as stakeholders exchange blame over who's responsible for blocking a comprehensive deal to restructure the country's $17.3 billion of external debt. Anti-poverty activists are accusing BlackRock, the $10 trillion asset management ...
U.S. Moves to Cut Russia Out of the G20 Could Hit African Economies
The U.S. Treasury Secretary Janet Yellen said Russia should be expelled from the Group of 20 (G20) the forum of leading economies that plays a major role in international economic management. She also said U.S. officials may boycott G20 meetings if Russian counterparts show up at upcoming ...
This Year Could See a Dozen Debt Defaults Warns Top World Bank Economist
As many as twelve countries could default on their loans this year, a senior World Bank economist warned in a blog post on Monday. Marcello Estevão, the WB’s Global Director for Macroeconomics, Trade and Investment, said the crisis in Ukraine is a final shock ...
The Shanghai Model: A Potential Solution for Debt Distressed Countries?
By Ying Qian At this year’s first G20 Finance Ministers and Central Bank Governors Meeting in Jakarta, Indonesia, members issued a communiqué highlighting the unevenness of the global economic recovery from the COVID-19 pandemic. Among many factors, debt distress and increased commodity ...
G20 Again Pays Lip Service to Developing World Debt Relief But Still Refuses to Do Anything To Resolve the Crisis
Finance ministers and central bank heads from the world's twenty largest countries wrapped up their latest get-together in Jakarta on Friday without any meaningful progress on the burgeoning debt crisis in developing countries. Instead, everyone seemingly blamed everyone else ...
It’s That Time Again For G20 Finance Ministers to Get Together To Discuss All of the World’s Problems, Except Debt Relief
Finance ministers and central bank heads from the world's twenty largest economies will meet on Thursday and Friday in the Indonesian capital Jakarta to talk about how to revive the global economy from the COVID-19-induced downturn in many developing countries. But if the past two G20 meetings ...
Two Leading International Development Finance Heads Single Out China For the Ballooning Debt Crisis in the Global South
Two of the world's most prominent development finance leaders, Emmanuel Moulin (left), chair of the Paris Club, and World Bank President David Malpass (right), separately named China as one of the key factors in the worsening debt crisis among developing countries.
As the World Forgets About the Debt Crisis, More African Countries Struggle to Stay Afloat Amid Rising Servicing Costs
Last year at this time, expectations ran high that Africa's largest creditors in Beijing, and among the Paris Club members were all motivated to restructure their outstanding loans to reduce the burden on some of the world's poorest countries. Well, it ...
Debt Relief for World’s Poorest Countries Barely Mentioned at G20 Summit in Rome
Leaders from the world's wealthiest countries meeting in Rome over the weekend covered a lot of ground on everything from finalizing an agreement on a global minimum corporate tax to new climate-related commitments. But for a ...