Tag: International Monetary Fund
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Amid Twin Political and Economic Crises, Tunisia Turns on West and Announces Intent to Join BRICS
The Tunisian government angrily pushed back against both the International Monetary Fund and the European Union over how to resolve the North African country's twin economic and political crises. President Kais Saied bluntly told the IMF on Friday that he ...
World Bank President Renews Calls for China to be More Transparent in its Lending Practices
The outgoing president of the World Bank, David Malpass, again expressed his concern about the opacity of China's lending practices to developing countries. He told the BBC that Beijing needs to be "more transparent." Malpass's comments are the latest in a ...
China’s Small but Important Role in Ghana’s Debt Crisis
China's share of Ghana's $55 billion public debt is quite small at just $1.7 billion or 3% of the total, but Beijing nonetheless plays a critical role in Accra's efforts to revive its economy. The Ghanaian government needs China's support in ...
Zambia’s Debt Grows to $33 Billion as Restructuring Talks Stall and Interest Accrues
The Zambian Finance Ministry released its latest debt figures this week that reveals the painful cost that delays in restructuring are exacting on the economically-distressed country. The country's total public debt now stands at $32.8 billion, up $300 million since last ...
Chinese Central Bank Official Explains Why Beijing Is so Worried About Debt Restructuring
A senior official with the People's Bank of China, the country's central, provided new insights as to why Beijing is demanding that multilateral development banks (MDBs) also take losses on their loans to developing countries -- a key sticking point that has brought debt restructuring processes in several ...
IMF Head Kristalina Georgieva Will Go to Beijing in Bid to Break Debt Relief Impasse With China
International Monetary Fund Managing Director Kirstalina Georgieva will travel to China at the end of this week for a visit that will be closely watched by finance ministries throughout the Global South. The primary purpose of Georgieva's trip is to deliver keynote ...
China vs. the Multilateral Development Banks
There was a major breakthrough this week in China's months-long standoff with the World Bank, IMF and other multilateral creditors when Beijing agreed to fully back Sri Lanka's debt restructuring. The move now clears the way for Colombo to secure $2.9 ...
Rays of Hope Following China Settlement in Sri Lanka
China’s commitment to supporting Sri Lanka’s debt restructuring in line with other bilateral creditors is a major step towards securing a rescue package from the International Monetary Fund. However, it’s still unclear how negotiations will proceed, as the country suffers from food and ...
China Unexpectedly Backs Sri Lanka Debt Plan, Clearing the Way for Desperately-needed IMF Rescue Funds
After months of delays and obfuscation, the China Exim Bank suddenly and unexpectedly reversed course this week and agreed to fully support Colombo's debt restructuring plan. President Ranil Wickremesinghe broke the news on Tuesday when he told parliament that China Exim would ...
China Not to Blame for Debt Crisis in Developing Countries, Say a Chorus of Chinese Spokespeople in Beijing
Don't blame us, blame them emerged as a sort of chorus among various Chinese spokespeople in Beijing in recent days. They're all pushing back against accusations that Beijing is the cause of the worsening debt crisis in Africa, Asia and other Global South regions.
Stand-off Between China and Western Creditors Leading to Unprecedented Delays In Debt Relief for Poor Countries
Just ten years ago, it usually took less than two months for a debt-distressed country to get a sign-off from the International Monetary Fund for emergency financial relief, but that is no longer the case, according to new data compiled by Reuters.
WEEK IN REVIEW: China-IMF Debt Standoff | France’s “New” Africa Strategy | SA Naval Exercises
The G20 finance ministers meeting in India came and went without any progress on the debt standoff between China and the IMF/World Bank over who should take losses on loans to the world's poorest countries. ...