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Paris Club Calls Out China Over Sri Lankan Debt Relief
The Paris Club of wealthy creditor states turned up the pressure on China to resolve the current impasse that's blocking debt relief for Sri Lanka and other developing countries. “The Paris Club members as well as Hungary and Saudi Arabia urged other official ...
China-IMF Spat Over Debt Relief Intensifies Following Fund Chief’s Call for Beijing to Change Its Ways
The war of words between China and Western-led multilateral institutions about developing country debt is escalating. China’s party-owned tabloid Global Times has reacted to a recent CBS 60 Minutes interview with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, in which she said: "China has to change its policies ...
How Much Ghana Owes China Depends on Who You Ask
At first glance, Ghana doesn't owe China that much when measured against its outstanding debts to both multilateral development banks like the IMF and the World Bank and, more importantly, bondholders. $1.7 billion in the context of what other developing countries owe Chinese ...
China is Pushing For a Major Change in Global South Debt Restructuring
The Chinese government provided its first official confirmation that it will provide Sri Lanka with a two-year debt repayment moratorium on $2.83 billion of loans owed to The China Exim Bank. Foreign Ministry spokesperson Mao Ning's statement on Friday was intended, in part, ...
China-IMF Impasse in Sri Lanka “Has to be Broken, One Way or Another,” Says Debt Expert
Brad Setser, a senior fellow at the Council on Foreign Relations and a noted sovereign debt expert, wrote a brief analysis of why the China Exim Bank's offer of a two-year debt moratorium is "insufficient". (The following transcript has been lightly ...
Top State Department Official Says China’s Debt Relief Offer to Sri Lanka is “Not Enough”
Another senior U.S. diplomat has accused China of not doing enough to resolve Sri Lanka’s debt renegotiation, a sign that the island’s financial crisis is increasingly being framed geopolitically. U.S. Under Secretary of State for Political Affairs, Victoria Nuland said: "What China has offered ...
What’s Driving the Steady Decline in Chinese Overseas Development Lending?
There was a time when Chinese lending to developing countries rivaled the World Bank. Those days are now long gone as Chinese overseas development lending has been on a steady downward trajectory.
China’s Debt Relief Offer For Sri Lanka May Not Be Enough to Satisfy IMF, Say Insiders
Sri Lanka's desperately-needed financial lifeline from the International Monetary Fund may be in jeopardy due to an insufficient debt restructuring offer from China, Colombo's largest bilateral creditor. The IMF is requiring that Sri Lanka first receive assurances from its largest bilateral creditors, ...
Amid Polycrisis, the IMF and the World Bank Should Do More to Stabilize the World Economy
By Justin Yifu Lin and Yan Wang The global economy is facing polycrisis: increasing climate change, Russia’s war in Ukraine and capital flight from emerging markets and developing countries, leading to declines in their foreign exchange reserves, local currency depreciation and ...
Ghana Becomes Latest Global South Country to Default on Debt
Ghana announced it will suspend payments on most of its debt to bondholders, other commercial lenders, and foreign governments, officially putting it in default. The announcement comes a week after a staff-level meeting with the IMF and a ratings downgrade. Ghana’s economy is spiraling, with 70%-100% of government revenue going to ...
Zambia Hopes for Debt Deal by Q1 Next Year
The International Monetary Fund’s head of strategy, Ceyla Pazarbasioglu, will travel to Beijing next week for meetings with Chinese officials as part of a push for progress on Zambia’s debt restructuring. This comes as Zambia's Finance Minister Situmbeko Musokotwane
G7 Finance Ministers Step Up Criticism of China Over Global South Debt Relief, China Blames U.S.
China's apparent refusal to send officials to last week's annual meetings of the World Bank and International Monetary Fund prompted widespread criticism from G7 finance ministers who accused Beijing of not doing enough to help resolve the growing debt crisis in Africa and other developing regions.