Tag: loans
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Paul Kagame: “I Don’t Think China Has Forced Any Country in Africa To Take Their Money”
President Paul Kagame joined former U.S. National Security Advisor for what has become a trademark for the Rwandan leader to be brutally frank with U.S. and European interlocutors about sensitive political issues in Africa, including China's presence on the continent. President ...
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
Amid a Worsening Debt Crisis, Kenya Struggles to Finance New Infrastructure and All Those Useless “White Elephants”
The Kenyan government, like a lot of African governments, is struggling to find the right balance between continuing to pay for badly-needed new infrastructure while at the same time servicing its enormous debts for older projects -- many of which are now so-called "white elephants" that were ...
The Plunge in China’s Overseas Lending
Getting a loan from one of China's two largest policy banks is significantly more difficult than it was just a couple of years ago. According to data from Boston University's Global Development Policy Center, lending by the China Development Bank and ...
Kenya, China Agree to $245 Million Debt Deferral Deal
China and Kenya have agreed to a six-month debt repayment holiday worth $245 million. Treasury Secretary Ukur Yatani announced the deal during a radio interview on Wednesday when he said the deferral "will give us an opportunity and break on the kind of liquidity ...
Hopefully, Biden and Blinken Won’t Take Advice From the State Department’s “Old Guard”
Although the sentiments expressed by one of Washington, D.C.'s most experienced and well-regarded former diplomats, Herman Cohen, are widely held in the U.S. capital, they're nonetheless ill-informed: 1) As has been noted repeatedly by scholars at
China, Kenya Close to Reaching Debt Relief Deal
China and Kenya appear to be closing in on a debt restructuring arrangement just days before a major railway loan comes due. The Chinese embassy issued a vague statement on Monday that said both sides are holding "smooth" talks related to Kenya's debt servicing challenges. ...
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 ...
Death of the Chinese Debt Trap Narrative
Critics of China's lending practices in Africa and much of the developing world have gone suspiciously quiet over the past 6-7 months. A year or so ago, Kenyans were up in arms over erroneous reports that China was going to seize the Port of Mombasa. A few months ...
As Angola Gets Debt Relief From Its Creditors, Kenya Hopes For the Same From China
Yesterday marked the first major development we've seen on the debt story in Africa in quite some time. The fact that Angola was the beneficiary was significant, given its outsized position in China's loan portfolio on the continent. Angola alone makes ...
The Team at Boston University Provides a Fresh Reminder That the World’s Chinese Debt Problem is Concentrated in About 10 Countries
Boston University's Global Development Policy Center published a new infographic that reveals the unequal distribution of Chinese debt around the world. They found that 10 countries account for 60% of China's global development finance. This is especially true in Africa where Angola ...
Gyude Moore: Disappointed that Chinese FM Wang Yi Avoided Talking About the Debt Crisis in Certain African Countries During His Recent Tour
During his five-nation Africa tour last week, Chinese Foreign Minister Wang Yi did not focus much attention on the ongoing debt crisis in the handful of countries on the continent that have borrowed heavily from Chinese creditors. That was very disappointing to some observers, including Gyude Moore, ...