Tag: IMF
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Heard About Those Escrow Accounts Used to Secure Chinese Loans in Africa? Here’s What They Look Like in Action
There's been a lot of discussion in recent years about how Chinese lenders required high-risk borrowers in Africa and other developing countries to put large pools of money in offshore escrow accounts as a kind of insurance measure that guaranteed the creditor would be repaid. ...
WEEK IN REVIEW: China and Zambia’s Landmark Debt Deal
After nearly two years of painful, drawn-out negotiations, Zambia finally closed a deal to restructure its bilateral external debt. The announcement was made last week at a global development finance summit in Paris and the new agreement is widely seen as ...
Sri Lankan President Upbeat About Debt Deal Amid Geopolitical Pressure
Sri Lankan President Ranil Wickremesinghe confirmed that Sri Lanka plans to announce a plan to deal with its domestic debt this week, in line with IMF benchmarks. In an interview with France24, he dismissed fears that China is delaying the process, after Chinese creditors didn’t join official debt talks in April. ...
China Raises the (Already Sky-High) Stakes at This Week’s Summit for A New Global Financing Pact
The Global South faces dual existential crises: speeding up development to match growing population rates while trying not to become climate roadkill. Both are worsened by a broken international development financing system increasingly hijacked by geopolitics. This week’s Summit for a New ...
Ghana Gets Debt Breakthrough
The executive board of the International Monetary Fund (IMF) on Wednesday approved a $3 billion debt bailout deal for Ghana. The debt-distressed country will receive an immediate payment of $600 million. The announcement is a win for China, which co-chaired the official creditor ...
The World Bank and the IMF Are Not Aligned on China’s Response to Global South Debt Crisis
Just a few days after International Monetary Fund Managing Director Kristalina Georgieva said real progress is being made in unblocking the impasse between China and developing countries over debt relief, her counterpart at the World Bank, David Malpass, conveyed a very different message on Bloomberg Television.
China Observes But Doesn’t Participate in Sri Lanka’s Inaugural Debt Meeting
Sri Lanka's major bilateral creditors convened their first meeting on Tuesday, but the country's largest bilateral lender, China, was in the room but only as an observer. “If China decides to participate, we would welcome it,” Masato Kanda, Japan’s vice minister ...
Power Minister Warns That West Pakistan Will Turn to China if IMF Financing Doesn’t Come Through
Pakistan's Power Minister Dastgir Khan issued a blunt warning to the U.S. and other Western countries that if they want to keep Islamabad from becoming even more closely aligned with China, they need to make sure that an IMF rescue deal gets signed.
With Chinese Assurances, IMF Chief Expresses New Optimism Zambia Debt Deal Now Imminent
The head of the International Monetary Fund, Kristalina Georgieva, expressed renewed confidence that China, together with Zambia's other major creditors, is close to finalizing a debt deal that will clear the way for a $1.3 billion IMF emergency financial package.
China Now Getting Serious About Global South Debt Relief Because “They Are Now Being Burned” Says IMF Chief
The head of the International Monetary Fund (IMF), Kristalina Georgieva, is once again signaling that China is now serious about participating in multilateral debt restructuring efforts for the world's poorest countries. Georgieva said on Monday that Beijing's reluctance to accept losses ...
Update on China’s Role in the Burgeoning Global South Debt Crisis
There was a lot of excitement earlier this month at the IMF and World Bank's annual gathering in Washington, D.C. about rumors that the impasse between China and multilateral development banks (MDBs) had been resolved. That stalemate between the Chinese and ...
China’s Central Bank Chief Signals Beijing Will Cooperate With Other International Creditors on Debt Relief
The head of China's central bank, Yi Gang, provided the clearest indication to date Beijing is willing to retreat from its demand that multilateral development banks (MDBs) also take write-downs on their loans to the world's poorest countries. Yi told participants at ...