Tag: International Monetary Fund
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Why the IMF’s Special Drawing Rights May Not Actually Be That Special
While a number of African finance ministers will no doubt be thrilled to hear the news that the IMF is finally making progress with the issuance of new Special Drawing Rights, two leading Africa scholars contend they may want to keep their expectations in check.
Ramaphosa’s Latest Call For the IMF to Issue New Funds Likely to Become Snared in U.S.-China Dispute
Speaking in both his capacity as the outgoing chair of the African Union and the President of South Africa, Cyril Ramaphosa renewed his calls for urgent action by the International Monetary Fund to provide funds to developing countries by issuing new Special Drawing Rights (SDRs).
Rival Factions in Washington Square Up For a New Fight Over IMF Special Drawing Rights
Early on in the COVID-19-induced financial crisis in Africa, finance ministers and other senior-level stakeholders across the continent called on the IMF to issue new so-called Special Drawing Rights (SDRs) that would provide desperately-needed liquidity into their economies. When
Growing Concerns China’s Relief Deal Only Postponed Angolan Debt Crisis
When Angolan finance minister Vera Daves de Sousa announced last week that China reached a debt restructuring deal that would give Luanda "three years of breathing space," the markets largely responded favorably. Things started to look up even ...
Angola Gets Some Badly-Needed “Breathing Space” From China on Debt Repayments
Chinese creditors have reportedly agreed to grant Angola a three-year debt repayment moratorium, according to the West African country's finance minister Vera Daves de Sousa. Angola is by far China's largest borrower in Africa with an estimated $20 billion of outstanding loans from the ...
Kenyan Newspaper Pleads With Government to Stop Borrowing Money
The influential financial newspaper Business Daily published a sharply-worded editorial on Wednesday that blasted the government for taking on more debt amid the country's worsening economic crisis. "The implications of the rapid accumulation of debt are stark. The rising repayments are ...
G20 Finance Ministers Expected to Approve Multi-Billion Dollar Debt Freeze Extension For the World’s Poorest Countries
Finance ministers and central bankers from China, the United States, and other G20 countries are expected to release a communiqué on Wednesday, according to Reuters, which will extend the Debt Service Suspension Initiative (DSSI) beyond the end of this year. It's not clear, though, ...
IMF Chief: Africa Faces Projected Financing Gap of $345 Billion Through 2023
IMF Managing Director Kristalina Georgieva implored the international community to "do more to support Africa" to help recover from the worsening economic crisis on the continent brought on by the COVID-19 pandemic. She said lenders and international NGOs have so far only ...
There’s an Emerging Consensus That the G20’s Debt Relief Efforts Are Going Nowhere
As leaders in Africa no doubt watch with some measure of disbelief how their wealthier peers in China, Europe, and the United States marshall trillion-dollar relief packages to fight the COVID-19 induced economic crisis, they've got to be wondering how it's possible that these rich countries still ...
The Country, the People, and the Debt
The news last week that South Africa has received a $4.3 billion loan from the IMF to help tide it over the COVID-19 crisis resulted in a revealing moment online. Rather than celebrating this lifeline to an economy that was already weak before the pandemic, ...
Six African Leaders Confront IMF Director, Insist that Bretton Woods Institutions Have to Change
Dr. Kaberuka's comments on Sunday in Kigali were similar to sentiments expressed in a somewhat confrontational forum that took a few days earlier in Dakar. At a conference on debt sustainability organized by the International Monetary Fund, six African leaders led by Senegalese ...
African Leaders Push Back on Western-led Debt Narrative, U.S., European Officials Should Take Note.
For years U.S. and European leaders have been warning their African counterparts about the dangers of taking on too much debt, particularly from China. Now, it appears that some African leaders have had enough of these lectures and they're starting to push back. They're saying that even ...