Tag: IMF
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Dozens of Global South Foreign Ministers Arrive in Western Russia for BRICS+ Gathering
Foreign Ministers from the ten member states of the BRICS+ group, along with their counterparts from across the Global South, are gathering in the western Russian city of Nizhny Novgorod for two days of meetings. In all, some 20-25 countries are expected ...
What Kenya’s State Visit to the U.S. Reveals About Winning Over the Global South
By Lucas Engel Kenyan President William Ruto’s recent state visit to Washington, DC underscored considerable alignment between the U.S. and Kenya. The experience will likely boost U.S. policymakers’ confidence in the ability of the U.S. to compete with China in ...
Maldives Gets IMF Debt Warning as More Chinese Loans Loom
The International Monetary Fund warned the Maldives against looming "debt distress" Monday, as the small but strategically placed luxury tourist destination looks set to borrow more from main creditor China. Since winning office last year, President Mohamed Muizzu has reoriented the ...
China Isn’t Really Sure What It Wants to Do With the BRICS, Says Top Russian Analyst
Yaroslav Lissovolik, a former senior IMF official and ex-chief economist at Deutsche Bank, visited Beijing last month, where he met with senior Chinese corporate, government, and academic leaders to get a pulse on key geopolitical issues. The well-known Russian analyst, who ...
Zambia’s Finance Minister Acknowledged His Country Borrowed Too Much From China
Zambian Finance Minister Situmbeko Musokotwane said the quiet part out loud when he acknowledged that previous administrations borrowed too much money from China. “The level of debt that Zambia acquired from China was way, way too high,” he told the Wall ...
All Hands-on Deck Needed for Development Finance—including China
By Tim Hirschel-Burns Many people in the development finance community migrated up the United States' eastern seaboard over the weekend. Last week, the International Monetary Fund (IMF) and World Bank Group Spring Meetings took place in Washington D.C., while this week ...
IMF Introduces New Rules to Speed Up Debt Restructurings and Blunt Chinese Delays
The International Monetary Fund approved a new set of rules to speed up the debt restructuring process in developing countries and reduce delays in negotiating settlements with bilateral creditors that have been widely blamed on China. The new rules specifically focus on ...
Should China Have a Larger Stake in the International Monetary Fund?
The World Bank and the International Monetary Fund's (IMF) annual Spring Meetings got underway in Washington, D.C., on Monday. These two institutions' stakeholders will spend the week grappling with issues ranging from debt to climate change and global governance. One issue ...
New IMF Report Takes the Pulse of Rapidly Changing China-Africa Economic Trends
Talks are underway between African and Chinese negotiators over the agenda for the upcoming Forum on China-Africa Cooperation (FOCAC) summit that will take place later this year in Beijing. But this year's FOCAC is going to be very different than previous ...
Making Sense of Competing Narratives on Debt and Climate Change
By Tim Hirschel-Burns If you are a casual observer trying to keep up with the news on sovereign debt right now, you have every right to be confused by last month’s stories. According to Bloomberg, ...
Kenya’s Public Debt Shot Up Last Year, But Not Because of China
Kenya's total public debt surged by more than $13 billion last year to a record $77 billion, largely due to a massive fall in the value of the shilling. The shilling shed 27% of its value against the dollar in 2023, ...
Africa’s Debt Dilemma: The Urgent Need for More Equitable Borrowing
For the first time in years, a few African countries are venturing back into the bond market to raise funds for infrastructure and to pay down their debts. However, borrowing more from private creditors is a risky move given the difficulties ...