Tag: loans
Related Posts
Nigeria’s Conversation About Chinese Debt
The first thing to say about the ongoing controversy about Chinese loans purportedly compromising Nigerian sovereignty is that it's based on a misreading of standard language found in loan contracts. Rather than stating that, in the case of a default, China will have the right to seize ...
The Chinese Foreign Ministry’s Tepid Response to the Escalating Loan Controversy in Nigeria
The Chinese Foreign Ministry on Monday issued a statement in response to the escalating "sovereign immunity controversy" in Nigeria. The ministry did not specifically address "clause 8(1)" which stipulates that Nigeria will waive its sovereign immunity in the event of a default on ...
Transport Minister Pushes Back Against Accusations that Chinese Loans Compromise Nigeria’s Sovereignty
Nigeria's Transportation Minister Chibuike Amaechi went on national television in an effort to tamp down the controversy erupting over whether Chinese loans will compromise the country's sovereignty. The issue surfaced last week when the Chairman of the House Committee on Treaties, ...
Sovereign Immunity Controversy in Nigeria Sparks Media Panic About Chinese “Debt Traps”
For much of the past week, Nigerian news outlets across the spectrum have published a series of alarming stories claiming that the country's sovereignty is now jeopardized by its various infrastructure loans, specifically on account of the standard sovereign immunity clauses in the loan agreements.
The Global Ratings Agency Fitch Issued a New Note on Private Sector Debt and It’s Not Good News for Poor Countries
Poor countries, including many in Africa, are increasingly in a debt trap... not to the Chinese but private creditors. One of the world's big three credit ratings agencies, Fitch Ratings, issued a new report on Friday that clearly states if a country seeks any kind of debt ...
A China-Africa “Wish List”
With China-U.S. ties rapidly deteriorating, the South China Morning Post's "China Briefing" columnist Wang Xiangwei mused in his latest article on Saturday what Beijing could do to resuscitate its tattered international reputation as it embarks on a new era in its relationship with Washington.
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, ...
Djibouti’s Chinese Debt
On July 15, 2019, Ilyas Moussa Dawaleh, Djibouti's Minister of Economy and Finance, tweeted to announce that the restructuring of China's ExIm Bank loan for the construction of the Djiboutian section of the Djibouti-Addis Ababa railway line would be completed even though "a few small details" ...
Uproar in Nigeria Over Fears that Chinese Loans Are Jeopardizing Sovereignty
A full-blown media and Twitter hysteria erupted on Wednesday in Nigeria over reports that a member of the House of Representatives discovered a clause in a Chinese loan contract that supposedly puts the country's sovereignty at risk in the event of default.
Be Careful, Warned Nigeria’s Transportation Minister, House Probe Threatens Chinese Loans
Nigerian Transportation Minister, Rotimi Amaechi, called on the house of representatives committee on treaties and agreements on Wednesday to suspend their investigation into past Chinese loans until Abuja has secured $500 million for three new loans to fund critical transportation projects.
Reminder: Africa Doesn’t Have a Chinese Debt Problem, About 10 African Countries Do
The South China Morning Post's Inkstone team published a brief analysis today showcasing data from the China-Africa Research Initiative (CARI) at Johns Hopkins University. It provides a fresh reminder that the Chinese debt crisis in Africa is confined to a relatively small number of countries. ...
Bloomberg: “Wave of Looming Defaults Poses the Biggest Test Ever for China’s Influence in [Africa]”
A new Bloomberg report projects a grim future for Africa's economic stability as it becomes increasingly apparent that countries who borrowed heavily from China over the past decade are unlikely to be able to repay those loans. The article by two ...