Tag: loans
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In a Mostly Symbolic Move, China Relieves Botswana of Its Interest-Free Debt
Chinese ambassador to Botswana, Zhao Yanbo, announced yesterday on Twitter that he had signed an agreement with Botswana's finance minister, Thapelo Matsheka, to exempt a portion of the southern African country's debts so it could allocate more resources to mitigate the spread of COVID-19. ...
Reframing the Chinese Debt Crisis in Africa
Many African civil society stakeholders worry that China is going to take advantage of the worsening economic crisis to seize their countries' strategic assets. It doesn't matter that there aren't actually any precedents for these seizures, in the current era of "alternative facts" if people believe it ...
One Way or Another Someone’s Going to Pay For Africa’s Debts
A new poll of young Arab nationals in North Africa and the Middle East revealed the kind of numbers that give people like Angela Merkel and Emmanuel Macron nightmares. 87% of the 18-24 years old surveyed expressed concerns about unemployment and ...
World Bank Chief Renews Criticism of China and Private Creditors For Not Doing Enough on Debt Relief
In a candid interview on Monday with the German state-owned television network Deutsche Welle, World Bank President David Malpass renewed his criticism of China and private creditors for not doing enough to help ease the debt burdens of the world's poorest countries and also for not being ...
IMF and World Bank Leaders Say the World’s Debt System is Broken and in Need of Urgent Repair
Leaders from the International Monetary Fund and the World Bank, including IMF chief Kristalina Georgieva, declared that the current "debt architecture" is broken and needs urgent action to prevent a full-blown crisis in some of the world's poorest countries. "The ...
Letter to the Editor: Why China Will NOT Seize the Port of Mombasa if Kenya Defaults on SGR Debt
Hi Eric, Just caught this statement [in your September 28 column "China Faces a Critical Test": "And let’s not forget that, should Kenya Railways default on the Nairobi-to-Mombasa SGR loan, there's always the Port of Mombasa that serves as collateral"] ...
African Leaders Renew Calls for Urgent Debt Relief and Financial Assistance
Leaders from several of Africa's largest countries including South Africa, Kenya, and Ethiopia renewed their urgent appeals on Tuesday for debt relief, debt cancellation, and immediate financial assistance from the international community to help support economies across the continent ...
Tanzanian Official Publicly Mocks Kenya For Taking Huge Loans From China to Build the Standard Gauge Railway
A video of an unnamed Tanzanian official mocking Kenya for borrowing so much money from China to build the Standard Gauge Railway went viral in East Africa this week. "I do not want to mention ...
Who’s Next to Fall? Moody’s Points to Mozambique
In the wake of Zambia's default on a portion of its private creditor debt and the subsequent downgrade by international credit ratings agencies, investors are scanning the map to see which country will tumble next. According to the global ratings agency Moody's Investors Services, Mozambique is a ...
In the Aftermath of Zambia’s Default, Fitch Warns Four Other African Countries Could Soon Follow
One of the world's major credit ratings agencies, Fitch Ratings, issued an ominous warning that last week's downgrade of Zambia's will likely not be the last in Sub-Saharan Africa. In an article published on its website yesterday, the agency highlighted Angola, the Republic of ...
COVID-19’s Unanticipated Outcomes
The recent announcement that Zambia will default on several of its Eurobond notes, and the indication from ratings agencies that several other African countries are in similar danger are just the latest indicators of how the economic crisis kicked off by the pandemic is impacting African economies. ...
China Faces a Critical Test in Kenya
Kenya's difficulties in servicing its debts for the newly-built, Chinese-financed Standard Gauge Railway (SGR) is nearing a breaking point. Even before the COVID-19 outbreak, the railway failed to meet passenger and cargo volume targets and now the economic downturn brought on by the ...