Tag: United States
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It’s Time to Stop Pretending the System Still Works
In hindsight, it was foolish to think that China, the U.S., India and the Europeans were somehow going to put aside their differences to make desperately-needed compromises to help the world's poorest countries restructure their debts. We should have known this ...
WEEK IN REVIEW: Tanzania Approves Construction of New Controversial $3.5 Billion Sino-French East African Crude Oil Pipeline (EACOP)
The Tanzanian government approved the construction of a new $3.5 billion pipeline as part of the controversial Sino-French East African Crude Oil Pipeline (EACOP). The 1,443km pipeline will transport crude from new oil fields in Uganda, currently being developed by Chinese oil major CNOOC and France's TotalEnegies. (AGENCE ...
Pentagon Not Happy About South African Naval Exercises But Won’t Admit It Publicly
The United States military is staying largely quiet over the ongoing joint naval exercises in South Africa that include Russia and China. Earlier, Deputy Assistant Secretary of Defense for African Affairs Chidi Blyden said the U.S. respects South Africa's ...
Sharply Contrasting Views on Whether China is Right to Demand Multilateral Development Banks to Take Losses on Their Loans
The dispute between China and Western lenders about how Multilateral Development Banks (MDBs) should take part in debt restructuring goes beyond current U.S.-China tensions. Rather, it relates to the fundamental question of how to fund development, rooted in much broader differences ...
What is Xi Jinping’s Global Security Initiative? New Government Document Gives Clues
Chinese President Xi Jinping announced the Global Security Initiative in 2022, but since then, the initiative has raised more questions than answers. Now, a new concept paper has been put out by the Chinese government, which adds detail on both the GSI's broad principles and some concrete ...
Toxic Politics to Blame if G20’s Debt Relief Efforts Fail, Says Deborah Brautigam
Vulnerable societies like Zambia could be crushed if geopolitics are allowed to hijack debt renegotiation processes. So warns the Africa-China and debt expert Deborah Brautigam in a recent article in Foreign Affairs. The article is very useful for those following the ...
Malpass Resignation Could Spark New Battle Between U.S. and China Over His Replacement
World Bank President David Malpass said that he will step down in June, a year before his five-year term expires. Malpass did not provide a reason for his early resignation but speculation in U.S. media is that it's due to his controversial stance on climate change.
China Accuses Philippines of Lying About Laser Strike Against Coast Guard Ship in South China Sea
The feud between the Chinese and Philippine governments over a naval incident in the South China Sea earlier this month intensified when Beijing accused Manila of not telling the truth about what happened. Chinese Foreign Ministry Spokesperson Wang Wenbin did acknowledge on Wednesday ...
Xi Reassures Raisi Everything is OK Between China and Iran
Iranian President Ebrahim Raisi is undoubtedly relieved that his meeting on Tuesday with his Chinese counterpart Xi Jinping went smoothly and (at least on the surface) Tehran's ties with Beijing seem back on track. Over the past year, there's been mounting concern in ...
Philippines Summons Chinese Ambassador Over Laser Incident at Sea
Philippine President Ferdinand Marcos summoned China's ambassador to express his "serious concern" over Monday's alleged use of a military grade laser by a Chinese Coast Guard vessel against nearby Philippines ships in the South China Sea. In Washington, U.S. State Department ...
China’s Current Challenge of the Bretton Woods Institutions Has Been Years in the Making
China’s dispute with the Bretton Woods institutions dates back to at least the Obama era. The U.S. Congress refused to ratify a 2010 plan to recapitalize the IMF, which would have given large emerging economies enhanced voting rights because it could have affected the U.S.’s veto vote.
Yellen Defends Bretton Woods Institutions Against Challenge From China, Accused Beijing of Acting as “Roadblock” in Zambia
U.S. Treasury Secretary Janet Yellen forcefully defended the primacy of the Multilateral Development Banks (MDBs) in response to China's demand that the World Bank and the International Monetary Fund also take losses on their loans to developing countries. Yellen called for sweeping reforms ...