Tag: World Bank
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China is Pushing For a Major Change in Global South Debt Restructuring
The Chinese government provided its first official confirmation that it will provide Sri Lanka with a two-year debt repayment moratorium on $2.83 billion of loans owed to The China Exim Bank. Foreign Ministry spokesperson Mao Ning's statement on Friday was intended, in part, ...
China, World Bank Spar Over Who’s to Blame For Delays in Zambia Debt Relief
A major philosophical difference is emerging as a hold-up to Zambia’s much-needed debt relief. Foreign Ministry spokesperson Mao Ning recently said the key to easing Zambia’s debt burden “lies in the participation of multilateral financial institutions and commercial creditors in the debt-relief efforts.” ...
What’s Driving the Steady Decline in Chinese Overseas Development Lending?
There was a time when Chinese lending to developing countries rivaled the World Bank. Those days are now long gone as Chinese overseas development lending has been on a steady downward trajectory.
Amid Polycrisis, the IMF and the World Bank Should Do More to Stabilize the World Economy
By Justin Yifu Lin and Yan Wang The global economy is facing polycrisis: increasing climate change, Russia’s war in Ukraine and capital flight from emerging markets and developing countries, leading to declines in their foreign exchange reserves, local currency depreciation and ...
Djibouti Suspends Debt Payments While Rwanda Gets (Just a Little) Relief From China
🇩🇯 DJIBOUTI: The government reportedly suspended debt repayments to two of its largest creditors, likely China and Kuwait, in response to a dramatic increase in the country's debt servicing costs in 2022, according to a new World Bank report. (SOUTH CHINA MORNING POST)
Letter to the Editor: A Critique of 金中夏’s (“Chinese Summer in Finance”) Views on Chinese Debt in Africa
Dear China-Global South Project Editors, I read the China-Global South Daily Brief of 8 November 2022 and came across the paper by Jin Zhongxia whose name 金中夏prompted the title of this letter to the editor. I, of course, agree with ...
G7 Finance Ministers Step Up Criticism of China Over Global South Debt Relief, China Blames U.S.
China's apparent refusal to send officials to last week's annual meetings of the World Bank and International Monetary Fund prompted widespread criticism from G7 finance ministers who accused Beijing of not doing enough to help resolve the growing debt crisis in Africa and other developing regions.
China’s Share of Nigeria’s Public Debt Now Stands at 3.8%, According to New Government Data
Nigeria's Debt Management Office (DMO) released updated figures this week on the country's ballooning public debt. The country's lending jumped by more than $3 billion in the three-month period from March to June. It now stands at $103.31 billion. ...
World Bank: China’s COVID-19 Restrictions Contributes to Africa’s Economic Woes
The World Bank issued a sobering economic forecast for Africa on Wednesday, warning of a sharp slowdown in growth due to the multiple global crises that are disproportionately impacting the continent. Rising inflation, food insecurity, higher interest rates in advanced economies and widening inequality exacerbated by the ...
Kenya’s New President Steps Into Debt Dilemma
Kenya’s new President William Ruto faces a steep debt mountain as he enters office. Servicing the country’s debts consumed 63.5% of tax revenues in the first two months of the current financial, a rate that’s expected to continue next year. For the first time, debt repayments are also projected ...
How a Major Shift in Chinese Lending is Backfiring Across the Global South
Chinese lending is increasingly shifting from boosting development to helping indebted countries keep the lights on. This is now adding to debt distress across the developing world. AidData, a research group at the College of William and Mary focusing on Chinese lending, ...
African Countries Owe Way More to Private Creditors Than to China, Says New NGO Report
African governments owe nearly three times as much money to Western private creditors than they do to Chinese lenders, according to a new report by the UK-based NGO Debt Justice. The group's findings are based on World Bank data and reveal a ...