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As Enthusiasm in Africa For the G20’s Debt Relief Plan Fades, Attention Turns to What China Will do

The G20 and Paris Club debt relief proposal for Africa is encountering headwinds as a more and more countries are becoming increasingly wary of the terms of the deal. The key sticking point is a requirement that if an African country wants to qualify for the G20/Paris Club offer, it must agree to forgo any new loans, either from private creditors or other countries.

While that’s an understandable position from the point of view of creditors in the U.S. and Europe, it creates real problems for countries that are dealing with rising budget deficits and an urgent need for short-term capital. 

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