Tag: G20
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It’s Make or Break Time in Zambia as the Government, Bondholders, and China All Face-Off
A dramatic showdown is taking place in Zambia. Bondholders, Chinese creditors, and the government are all involved, and the fate of the country's financial stability is at stake. A crucial vote is scheduled to take place tomorrow that will likely determine if Zambia will become ...
G20 Agrees to Give Poorest Nations Just the Bare Minimum for Debt Relief
Finance ministers and central bankers from the Group of 20 wealthy nations agreed to a bare-bones debt relief package on Wednesday that will extend the G20's Debt Service Suspension Initiative (DSSI) by six months until June 2021. The group ...
Even the World Bank President Doesn’t Think the DSSI Plan Goes Far Enough
David Malpass isn't that happy with the G20's latest iteration of its Debt Service Suspension Initiative that delays loan repayments an extra six months until June 2021. The World Bank president is calling for more than just a repayment holiday, he also wants to see actual debt ...
G20 Finance Ministers Expected to Approve Multi-Billion Dollar Debt Freeze Extension For the World’s Poorest Countries
Finance ministers and central bankers from China, the United States, and other G20 countries are expected to release a communiqué on Wednesday, according to Reuters, which will extend the Debt Service Suspension Initiative (DSSI) beyond the end of this year. It's not clear, though, ...
The World Bank Has a Cool New Interactive Tool Showing How Much DSSI-Eligible Countries Pay to Service Their Debts
The World Bank released a new interactive database that details how much each of the DSSI-eligible countries will pay in 2020 and 2021 to service their bilateral debts. As the world's preeminent bilateral creditor, it's not surprising that the largest boxes on the graph represent China's outsized ...
China’s Foreign Ministry Rebuts Critics of its Debt Relief Strategy in Africa
Chinese Foreign Ministry spokesman Zhao Lijian pointedly rejected accusations that Beijing is not doing enough to help alleviate the worsening debt crisis in Africa. Speaking to reporters at the ministry's regular press briefing in Beijing on Monday, Zhao refuted the suggestion that China is ...
China, Bondholders, and the Worsening African Debt Crisis
The debt crisis in Zambia got a lot worse this week after bondholders refused the government's request for a 6-month repayment delay. Those private creditors said they're frustrated by the government's lack of transparency about the total amount of debt ...
African Leaders Renew Calls for Urgent Debt Relief and Financial Assistance
Leaders from several of Africa's largest countries including South Africa, Kenya, and Ethiopia renewed their urgent appeals on Tuesday for debt relief, debt cancellation, and immediate financial assistance from the international community to help support economies across the continent ...
G7 Finance Ministers Openly Frustrated With China on Debt Relief
Debt relief for developing countries is emerging as the latest front in China's rapidly escalating confrontation with the U.S, European countries, and Japan. Finance ministers from many of those countries, representing the Group of 7 (G7), met on Friday to discuss debt relief initiatives for ...
Africa to G20 Members: Pay a Little Now or Pay a Lot Later
When things fall apart no one will be able to say they didn't see it coming. Last year, when we spoke with Ghananian conservationist Kofi Agbogah, executive director of the NGO Hεn Mpoano, for the ...
Angola Gets a Brief Debt Repayment Holiday From Wealthy Creditors, but Still No Word on What China’s Going To Do
The Paris Club of wealthy creditor states announced a breakthrough in debt repayment talks with Angola, providing Luanda debt service relief through the end of the year. According to a statement published by the Paris Club on ...
FT Article Sparks a Lot of Excitement About Chinese Debt Restructuring Deals But Details Still Remain Sparse
An FT story published over the weekend injected a burst of rare optimism into the African debt relief discussion. The article by U.S.-based Markets Correspondent Camilla Hodgson reported on last Tuesday's remarks by Chinese foreign ministry spokesman Zhao Lijian that Beijing had reached debt relief ...