Tag: loans
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Zambia’s Bondholders Want More Info on IMF Deal, Renew Calls For All Creditors to be Treated the Same
Some of Zambia's bondholders are once again expressing impatience with the government's handling of its debt relief talks and they've gone public with their longstanding demands for greater transparency in the process and equal treatment for all creditors. "Inter-creditor equity should ...
Incompetence, Inexperience to Blame For China’s Bad Loans in Global South, More Than Any “Plot to Enslave Poor Countries,” Argues Professor
The prominent expert on Chinese finance, Michael Pettis, is the latest scholar to challenge the popular narrative that China engages in predatory lending abroad. Instead, the Peking University professor attributes the surge of Chinese loans to less developed countries on "inexperience" and "bad lending practices."
Kenya Caught in a Potentially Dangerous Loan Repayment Cycle Due to Its SGR Debts to China
There's growing concern that the depreciating value of the Kenyan currency is tied to the country's mounting debt servicing costs to Chinese creditors. Back in July, the Kenyan Treasury began repaying the loans used to build the Standard Gauge Railway after the China Exim Bank refused the ...
Don’t Worry Africa… China Isn’t Going to Seize Your Assets, But They’re Also Not Going to Forgive Your Debts
There is a sense of anxiety over Chinese debt in several African countries and beyond. From Zambia to Kenya, Uganda, and now even in the small Balkan country of Montenegro. Repeated assurances from China and borrowing countries that the debt situation is under ...
WEEK IN REVIEW: Museveni Swats Aside Allegation Entebbe Airport Will be Forfeited to China
Ugandan President Yoweri Museveni issued his first public comments about the media reports that incorrectly alleged the Entebbe International Airport is at risk of being forfeited to China. "I don't remember mortgaging the airport for anything," President Museveni told Reuters over the weekend. "There is no problem, they ...
With China on the Sidelines, What’s Next for African Infrastructure Financing?
For much of the past two decades, China was among the largest sources of African infrastructure financing. But that is no longer the case. In his recent keynote address at the Forum on China-Africa Cooperation conference in Senegal, Chinese President Xi ...
China Stands Apart From Kenya’s Other Bilateral Creditors in Requiring Full Debt Repayment
While Japan, France, and Kenya's other major bilateral creditors are all giving Nairobi some breathing room during the ongoing pandemic in the form of reduced debt servicing payments, that is not the case with China. Last quarter, the Treasury transferred $266 million to Chinese creditors, mostly to ...
With an IMF Deal in the Bag, the Big Question is How Will Hichilema Handle Zambia’s Chinese Debts?
Zambian President Haikainde Hichilema (photo) got the news he was hoping for on Friday when the International Monetary Fund announced that it had granted preliminary approval for a $1.4 billion, three-year credit facility to the economically beleaguered country. President Hichilema's government ...
The Uganda Airport Controversy is Prompting Renewed Discussion in East Africa About Chinese Debt
The last two weeks' uproar over (unfounded) allegations that Uganda will forfeit the Entebbe International Airport is finally winding down. It's making way for a more nuanced, thoughtful discussion on the implications of Chinese loans to East African countries. Economist and ...
A New Era of China-Africa Relations
By Chris Alden, Hugo Jones, and Lukas Fiala, China Foresight LSE IDEAS As the haze lifts from Dakar, international observers are trying to understand what the Forum on China-Africa Cooperation (FOCAC) means for the future of Africa-China relations as well as China’s ...
China’s Critics Are Piling On Over the Entebbe Airport Story, Even the Originator of the “China Debt Trap” Meme
The online flurry over the Entebbe Airport story is drawing out commentators and critics from all sides of the debate, including the New Delhi-based author and analyst Brahma Chellaney, the man who first coined the phrase "debt-trap diplomacy." ...
Bad Journalism and a Poor Understanding of International Contractual Law Triggers Uproar in Uganda Over Chinese Loans
Officials from both the Chinese and Ugandan governments took to Twitter over the weekend to furiously denounce a report published late last week in the Daily Monitor newspaper, which erroneously claimed that China will seize the Entebbe International Airport as a result of defaulting on ...