Tag: World Bank
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Zambia’s Debt Grows to $33 Billion as Restructuring Talks Stall and Interest Accrues
The Zambian Finance Ministry released its latest debt figures this week that reveals the painful cost that delays in restructuring are exacting on the economically-distressed country. The country's total public debt now stands at $32.8 billion, up $300 million since last ...
Chinese Central Bank Official Explains Why Beijing Is so Worried About Debt Restructuring
A senior official with the People's Bank of China, the country's central, provided new insights as to why Beijing is demanding that multilateral development banks (MDBs) also take losses on their loans to developing countries -- a key sticking point that has brought debt restructuring processes in several ...
China Hints It May Not Back U.S. Nominee to Lead World Bank
Ajay Banga's candidacy to become the next president of the World Bank encountered turbulence when the Chinese government hinted that it would oppose his nomination. Banga spent the day in the Chinese capital on Wednesday, meeting with Finance Minister Liu Kun, ...
China Pushes Back at Outgoing World Bank President’s Criticism That Beijing Isn’t Doing Enough on Debt Relief
The Chinese government clapped back on Wednesday against renewed criticisms from outgoing World Bank President David Malpass that Beijing isn't moving fast enough to restructure debts in many of the world's poorest countries. Earlier this week, at a speech in New ...
World Bank Nominee Meets Head of China-led Asian Infrastructure Investment Bank
World Bank President-nominee Ajay Banga met with the head of the Chinese-led Asian Infrastructure Investment Bank (AIIB) on Wednesday during his brief trip to Beijing. The AIIB released a short statement after the meeting that said the two discussed "how the ...
World Bank President Nominee in China for Critical Meetings With Finance Leaders
Ajay Banga arrived in Beijing on Wednesday for the latest stop in his worldwide job interview to become the next president of the World Bank. Banga is scheduled to meet with Chinese Finance Minister Liu Kun, various leaders from the People's ...
China vs. the Multilateral Development Banks
There was a major breakthrough this week in China's months-long standoff with the World Bank, IMF and other multilateral creditors when Beijing agreed to fully back Sri Lanka's debt restructuring. The move now clears the way for Colombo to secure $2.9 ...
Rays of Hope Following China Settlement in Sri Lanka
China’s commitment to supporting Sri Lanka’s debt restructuring in line with other bilateral creditors is a major step towards securing a rescue package from the International Monetary Fund. However, it’s still unclear how negotiations will proceed, as the country suffers from food and ...
Ajay Banga in Africa to Rally Support for World Bank Leadership Amid Stand-off With China
Ajay Banga, U.S. President Joe Biden’s nominee to head the World Bank, is on a ‘listening tour’ of Africa to drum up support for his nomination. Banga kicked off his visit to the continent in Ivory Coast and Kenya. As a veteran ...
History’s Solution to the China-U.S. Debt Standoff
By Kevin P. Gallagher History is repeating itself, but Western leaders are experiencing a selective memory loss that is preventing learning the lessons of that history. If developing countries are to mobilize the necessary resources ...
China Not to Blame for Debt Crisis in Developing Countries, Say a Chorus of Chinese Spokespeople in Beijing
Don't blame us, blame them emerged as a sort of chorus among various Chinese spokespeople in Beijing in recent days. They're all pushing back against accusations that Beijing is the cause of the worsening debt crisis in Africa, Asia and other Global South regions.
WEEK IN REVIEW: China-IMF Debt Standoff | France’s “New” Africa Strategy | SA Naval Exercises
The G20 finance ministers meeting in India came and went without any progress on the debt standoff between China and the IMF/World Bank over who should take losses on loans to the world's poorest countries. ...