Tag: G20
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Africa’s Most Indebted Countries Caught in a Vice Between Creditors and Credit Ratings Agencies
Chad, Zambia, and Ethiopia are among a growing number of African countries seeking debt relief under the G20's common framework (CF) and while that might provide some temporary relief, one of the world's largest credit ratings agencies warned on Tuesday that it's going to come at a ...
Chinese Debt Relief in Africa Definitely Helps in the Short Term, But in the Long Term? Hard to Tell Says New Analysis
Although China's debt relief efforts are often downplayed by many of its critics in the U.S. and EU, the fact is that Beijing's done more to renegotiate and cancel loans to African countries during the current financial crisis than it has previously:
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 ...
G20 Wraps Up Summit With Lots of Promises But Very Little Concrete Action on Debt Relief
Debt relief for the world's poorest countries was high on the agenda at this weekend's Group of 20 summit organized by Saudi Arabia. The conference ended on Sunday with what's become standard promises to expand its Debt Service Suspension Initiative (DSSI) and calls ...
China Claims It’s Done More to Relieve Developing World Debt Than Any Other G20 Member
Chinese Finance Minister Liu Kun provided a robust defense of Beijing's participation in the G20's Debt Service Suspension Initiative and said his government is doing more than any other in the group in providing billions of dollars of debt relief to the world's poorest countries.
China and the G20’s New “Common Framework” For Debt Relief
One of the highlights from the latest G20 summit was the group's endorsement of a so-called "common framework" that would create a set of standards for countries not eligible for the Debt Service Suspension Initiative (DSSI). Officials at the U.S. Treasury who championed the idea said the ...
Let’s Stop Pretending the G20 Actually Matters Anymore
The Group of 20 wrapped up yet another high-profile summit on Sunday that will once again disappoint anyone looking to the world's wealthiest countries for leadership in resolving the developing world's burgeoning debt crisis. The final communiqué basically repeated the same, ...
Africa, You’re On Your Own
Back in March, Ethiopian Prime Minister Abiy Ahmed was the first leader to sound the alarm that Africa's economies were "staring at an abyss" due to the financial crisis brought on by the COVID-19 pandemic. He rightly predicted that without urgent, large-scale assistance, ...
China Responds to Accusations That It’s Not Doing Enough To Help Resolve Zambia’s Escalating Debt Crisis
The Chinese government is responding to critics who charge that Beijing is not doing enough to resolve the rapidly escalating debt crisis in Africa, especially in Zambia. “We have signed debt-relief agreements with the majority of countries that have requested it, and are holding consultations with the remaining ...
Africans Borrowed Heavily From China and Other Bilateral Creditors. Now That Debt is Getting Away From Them
Former U.S. Treasury official and current Senior Fellow at the Council on Foreign Relations, Brad Setser, is providing some of the sharpest, most insightful commentaries on the worsening debt crisis in Africa and how both China and the DSSI are contributing to the problem. ...
The G20 is Going to Try One More Time to Get Everyone Together to Come Up With a Debt Relief Plan for Poor Countries
Finance Ministers and central bankers from the Group of 20 will convene an extraordinary meeting on November 13th in a bid to come up with a more robust debt relief plan for the world's poorest countries. A couple of weeks ...
When It Comes to the G20’s DSSI, China’s Playing by a Different Set of Rules
There's an enormous disconnect between how the Chinese are approaching the debt crisis in poor countries and the expectations of the world's legacy donors. People like World Bank President David Malpass seem befuddled as to why China is not fully supporting ...