Tag: IMF
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Are IMF Loans Being Used to Counter China in Africa?
The growing influence of China in world politics has not gone unnoticed in Washington. In 2018, while presenting the U.S. national defense strategy, which set priorities for the Pentagon, then U.S. Defence Secretary Jim Mattis declared in very clear terms that the United States was entering ...
The “Good vs. Bad” Framing of Chinese Development Finance
Friday's FT article by correspondent Steve Johnson on the merits of Chinese development financing provoked considerable discussion online this weekend about the key issues raised in the story and how the topic is framed in simple "good vs. bad" terms. ...
As African Leaders Say Don’t Worry, IMF Issues New Warning on Rising Debt Levels Across the Continent
There are conflicting messages emerging about the potential risks associated with Africa's steadily rising debt levels. Yesterday, the IMF issued a new warning that the amount of debt that African governments now owe has doubled over the past years as borrowing from capital markets and bilateral lenders, ...
Six African Leaders Confront IMF Director, Insist that Bretton Woods Institutions Have to Change
Dr. Kaberuka's comments on Sunday in Kigali were similar to sentiments expressed in a somewhat confrontational forum that took a few days earlier in Dakar. At a conference on debt sustainability organized by the International Monetary Fund, six African leaders led by Senegalese ...
African Leaders Push Back on Western-led Debt Narrative, U.S., European Officials Should Take Note.
For years U.S. and European leaders have been warning their African counterparts about the dangers of taking on too much debt, particularly from China. Now, it appears that some African leaders have had enough of these lectures and they're starting to push back. They're saying that even ...
[AUDIO] The UN's Role in China's African Development Agenda
For decades, the aid and development sectors in Africa have been dominated by Western countries who have channeled billions of dollars through international organizations like the World Bank, IMF and the United Nations. Today, amid anemic economic growth in the U.S. and Europe combined with ...
IMF Missteps Over Huge China Deal in the DR Congo Proves Costly
In 2007 when China's Exim Bank unveiled a massive $6 billion mining deal in the Democratic Republic of the Congo, it completely rocked the normally-staid world of international development finance. The agreement, known as "The China Deal" or Sicomines, was among the first of ...
Africa Confronts Tough Choices as Economies Falter, Instability Rises
Faced with slumping economies, restive populations and, in many areas, the surging threat of sectarian violence, a growing number of African countries stand at a critical juncture where they must decide who to turn to for help: to their new friends in Beijing or ...
China, Africa and the PRC's Massive New Development Bank
57 countries including two from Africa, are among the founding members of China's new development bank, the Asian Infrastructure Investment Bank (AIIB). While the new bank's primary objective will be develop infrastructure projects in Asia, as its name suggests, there is widespread anticipation (mixed ...
The BRICS Bank: China's Drive To Shake Up Development Finance
Brazil, Russia, India, China and South Africa (aka the 'BRICS') are moving forward with an ambitious plan to shake up the clubby world of development finance. The new BRICS bank announced over the summer 2014 is expected to have a profound impact on the ...
China's Most Famous Economist Has a Few Suggestions for Africa
In the staid world of economics, Justin Yifu Lin is the closest one comes to being a bonafide celebrity. Lin is the former chief economist of the World Bank and, more importantly, among the lead architects of China's three-decade-long economic renaissance that has produced ...
China in Africa: The Transparency Paradox
Transparency is a loaded word in the development business. The idea that aid and investments in places like Africa should be subject to external audits and review is a sacrosanct principle within the industry. Never mind the irony that organizations like USAID, the United Nations and the World Bank among ...