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World Bank Overtakes China as Kenya’s Creditor of Choice
There's been a major shift in Kenya's borrowing patterns over the past three years marked by a sharp increase in loans from the World Bank while lending from China has slowed considerably, according to new Treasury data. ...
China’s Relatively Small Share of Kenya’s Total Public Debt
Kenya's total public debt now stands at $72.2 billion with $6.92 billion or just 9% owed to Chinese creditors, according to new figures from the Treasury in Nairobi. When measured against Kenya's total external, China's share ...
World Bank Becoming Increasingly Anxious About Risks From China’s Opaque Lending Practices to Global South Countries
The World Bank is becoming increasingly explicit about its concerns related to Chinese lending practices in low and middle-income countries, even though it doesn't call out the Chinese government by name. On two separate occasions on Tuesday, the Bank issued warnings ...
It’s That Time Again For G20 Finance Ministers to Get Together To Discuss All of the World’s Problems, Except Debt Relief
Finance ministers and central bank heads from the world's twenty largest economies will meet on Thursday and Friday in the Indonesian capital Jakarta to talk about how to revive the global economy from the COVID-19-induced downturn in many developing countries. But if the past two G20 meetings ...
It Can Be Hard to Tell If Kenya Is Managing Its Debts Well or If It’s In Danger of Debt Distress… Or Both
Confusing, even contradictory messages have been coming out over the past week about Kenya's debt sustainability. On the one hand, the Treasury is reporting that debt servicing obligations have fallen by $634 million, including to the China Exim Bank, due to deferrals and repayments ...
Africa’s Shifting Infrastructure Landscape
In the current heated discussion about the fluctuations and debt implications of Chinese infrastructure funding to Africa, one sometimes forgets exactly how transformative Chinese financing has been on the continent. It’s no secret that over the last fifteen years or so China has been the main funder ...
China Risks Repeating Debt Restructuring Mistakes of the Past Say Research Trio “HRT”
Chinese creditors' obsession with secrecy and their outright refusal to cancel debts held by low-income countries will undermine the chances of success of any major sovereign debt restructuring initiative, argue World Bank economists Sebastian Horn and Carmen Reinhart along with University of Kiel economist Christoph Trebesch.
Kenya’s Parliament Launches Inquiry Into Chinese Contracts
The months-long dispute over the transparency of Chinese infrastructure contracts in Kenya intensified on Monday when the parliament launched an official inquiry to identify "directors and/or representatives" involved in those deals. Parliamentary opponents of President Uhuru Kenyatta, led by National Assembly ...
Economist: It Doesn’t Matter If Nigeria Looks to China or Europe For Infrastructure Loans, It Still Won’t Solve the Underlying Problem
Last week's acknowledgment by Nigeria's Transportation Minister Rotimi Amaechi that China will no longer finance the country's large-scale railway projects has prompted a lively debate over how Abuja should fund its future infrastructure development. Amaechi said he is now ...
The Future of Chinese Infrastructure Finance in Africa
Nigerian Transportation Minister Rotimi Amaechi acknowledged this week that he will no longer rely on China to fund two major railways and will have now have to look elsewhere for the money. The minister's comments shouldn't come as a big ...
Nigeria’s Transport Minister Just Said the Quiet Part Out Loud: China’s No Longer Funding Large-Scale Railways in Africa
Nigerian Transportation Minister and likely presidential candidate, Rotimi Amaechi, publicly acknowledged what's been widely known: that China is no longer in the business of financing massive, multi-billion railway projects in Nigeria. “We are stuck with lots of our projects because we ...
Influential U.S. Group Calls on China and Other Creditors to Be More Transparent About Emerging Market Debt
An influential group of scholars and finance leaders in the U.S. appealed for a new "global consensus" on debt transparency in developing countries and described China's involvement as "critical." The Bretton Woods Committee said in a report ...