Tag: IMF
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World Bank Chief Renews Criticism of China and Private Creditors For Not Doing Enough on Debt Relief
In a candid interview on Monday with the German state-owned television network Deutsche Welle, World Bank President David Malpass renewed his criticism of China and private creditors for not doing enough to help ease the debt burdens of the world's poorest countries and also for not being ...
IMF and World Bank Leaders Say the World’s Debt System is Broken and in Need of Urgent Repair
Leaders from the International Monetary Fund and the World Bank, including IMF chief Kristalina Georgieva, declared that the current "debt architecture" is broken and needs urgent action to prevent a full-blown crisis in some of the world's poorest countries. "The ...
The IMF’s New $1 Billion Loan Package for Angola Shows Just How Little We Know About What’s Going on Behind the Scenes
The International Monetary Fund's Executive Board said on Wednesday that it will immediate disburse $1 billion to Angola to help ease the country's worsening financial crisis. What's surprising about the announcement is that until now, the IMF had indicated that it wanted to wait until ...
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 ...
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 ...
The Country, the People, and the Debt
The news last week that South Africa has received a $4.3 billion loan from the IMF to help tide it over the COVID-19 crisis resulted in a revealing moment online. Rather than celebrating this lifeline to an economy that was already weak before the pandemic, ...
Meaningful Debt Relief Probably Isn’t Going to Happen. We Should All be Worried.
The Financial Times newspaper deserves a lot of credit for calling out the world's wealthiest governments for their glaring hypocrisy on the issue of African debt relief. While treasuries in the U.S., Europe, Japan, and China come up with new creative solutions to insulate their ...
2+ Months Into the COVID-19 Economic Crisis in Africa and Still No Word on Debt Relief
It's been more than two months since Ethiopian Prime Minister Abiy Ahmed warned in a letter to G20 leaders that African countries face an "existential threat" from the economic crisis brought on by the COVID-19 outbreak. Since ...
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 ...
First Moody’s Now the IMF, Warnings About Kenya’s Debt Levels Are Starting to Pile Up
The International Monetary Fund raised Kenya’s risk of debt distress to high from moderate in a statement on Tuesday because of the costly impact of the worsening COVID-19 crisis. The IMF said that even though Kenya's debt load is still manageable, the ...
David Dollar: U.S. May Resist Expanding IMF’s Special Drawing Rights as Could Help Expand Chinese Influence
African countries have been lobbying for the International Monetary Fund to provide emergency financing known as Special Drawing Rights (SDRs) to help them cope with the economic consequences of the COVID-19 outbreak. But David Dollar, a senior fellow in the John L. Thornton China Center ...
Ethiopian PM Abiy Puts Debt Relief on the COVID-19 Agenda. Now the Multi-Billion Dollar Question is How Will China Respond?
Confronted with an "existential threat," Ethiopian Prime Minister Abiy Ahmed issued an urgent plea to G20 countries for immediate debt relief. The "dramatic decline in exports, disruption of global chains, and the sudden drying up of travel of tourism are sure to wreak havoc to our economies,"