Tag: International Monetary Fund
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IMF “Optimistic” About Ghana Debt Deal Amid Predictions that Chinese Lending Could Bounce Back
The International Monetary Fund said it is hopeful that Ghana will reach a debt agreement with bilateral creditors soon, which would unlock another $600 million IMF payment to the country. The IMF’s Resident Representative for Ghana, Leandro Medina told Reuters: "We are ...
Who Will Come to the Rescue? The Inadequacies of the Global Financial Safety Net and Its Impact on Developing Countries
By Marina Zucker-Marques and William N. Kring In an era marked by ‘higher-for-longer’ interest rates and restricted access to international financial markets, access to emergency liquidity financing is essential for emerging markets and developing economies (EMDEs) to weather economic ...
IMF Warns China’s Slowdown Could Hit Africa, Debunks Debt Trap Myth
The International Monetary Fund released a set of reports on Africa’s economic outlook and China’s shifting role on the continent. Overall, African economies are slowly rebounding after the double shocks of the pandemic and the Ukraine crisis. However, the IMF warns this recovery is endangered by constrained lending ...
Breaking the Taboo: How Multilateral Development Banks Can Participate in Debt Relief
By Marina Zucker-Marques and Kevin P.Gallagher For three long years now, the Group of 20 (G20) Common Framework has been unable to put debt-distressed countries on a path toward debt sustainability and development. The Common ...
Climate Chart of the Day: China and the U.S. Spend the Most on Fuel Subsidies
Fossil fuel subsidies in 2022 amounted to $7 trillion globally, about 7.1% of global gross domestic product. It shot up by 18.3% year on year, partly in response to the Ukraine war, according to research by the IMF. The subsidies worsen ...
Backgrounder: How Does Niger’s Coup Affect China?
China says it is closely monitoring the situation in Niger following last week’s announcement that a military junta arrested the democratically elected President Mohamed Bazoum and established a military government. The coup potentially drives a wedge between Niger and Western powers, who ...
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. ...
Welcome to the New Era Where China Writes the Rules
Everyone's hailing the Zambian debt restructuring agreement that was unveiled on Friday in Paris as a major breakthrough in debt relief for the world's poorest countries. While we don't have a lot of information about what's specifically stipulated in the deal, ...
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 ...
Mix of Gratitude and Fear in Ghana Over China’s Role in the Country’s Ongoing Debt Crisis
Joy News, one of Ghana's largest media companies, published a pair of stories this week that revealed the complex emotions many in the West African country have about China's role in the ongoing debt crisis. On the positive side, the Ghanaian ...
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.