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Low-Income Country Debt Now Closing In on a Trillion Dollars, Activists Blame G20 States For Ignoring the Problem

Borrowing among the world's poorest countries jumped 12% last year pushing up the total amount owed to a record $860 billion, according to a new report released on Tuesday by the World Bank.  Not surprisingly, World Bank economists ...

Ghana President Akufo-Addo Calls For the Cancellation of All African Debts

Ghanaian President Nana Addo Dankwa Akufo-Addo issued an urgent call for immediate economic relief, including the total cancellation of all debts owed by African countries, during his address on Tuesday at the Summit on Financing African Economies. Without the ‘fiscal room to breathe,’ Africa could truly become ‘the forgotten continent, ...

China Provides Modest Debt Relief and New Grant to Rwanda

Rwanda's Finance Minister Uzziel Ndagijimana and Chinese ambassador Rao Hongwei announced on Friday that Beijing would forgive $6 million of debt and provide a new $60 million grant to the government in Kigali as part of COVID-19 relief efforts. If the debt forgiveness ...

NGO: The UK, Not China is the Biggest Obstacle To Zambian Debt Relief

The next stage of the Zambian debt default crisis may play out in a London court. NGOs like Oxfam and the Jubilee Debt Campaign contend that because the vast majority of Eurobonds are covered by English law, ...

In a Mostly Symbolic Move, China Relieves Botswana of Its Interest-Free Debt

Chinese ambassador to Botswana, Zhao Yanbo, announced yesterday on Twitter that he had signed an agreement with Botswana's finance minister, Thapelo Matsheka, to exempt a portion of the southern African country's debts so it could allocate more resources to mitigate the spread of COVID-19. ...

Analysis from Cobus van Staden

China’s Climate Role in the Global South

I don’t know about you, but I’m suffering from COP26 stress. There’s so much riding on the global climate summit happening in Glasgow at the end of the month that it’s sometimes difficult to remember we face a few other pressing issues too. 

To this point, Foreign Affairs this week published a poll asking a stellar group of experts whether American foreign policy is too hostile to China. Not surprisingly they got ...

Here’s What the G20 Says DSSI Has Accomplished So Far

When the G20 says it has provided $14 billion of "estimated total immediate liquidity provided by official bilateral creditors in 2020 alone," consider that amount is spread across all regions around the world. It falls far short of calls by Ethiopian Prime Minister Abiy ...

Nigeria’s House Speaker Rallies Other Legislative Leaders Across Africa in New Appeal for Debt Relief

Nigeria's outspoken Speaker of the House of Representatives, Femi Gbajabiamila, is mobilizing his legislative counterparts in half a dozen other African countries, including Kenya, South Africa, and Ethiopia, to speak out on the need for immediate debt relief and even outright debt cancellation.

FT Article Sparks a Lot of Excitement About Chinese Debt Restructuring Deals But Details Still Remain Sparse

An FT story published over the weekend injected a burst of rare optimism into the African debt relief discussion. The article by U.S.-based Markets Correspondent Camilla Hodgson reported on last Tuesday's remarks by Chinese foreign ministry spokesman Zhao Lijian that Beijing had reached debt relief ...

President Edgar Lungu Just Straight Up Asked Xi Jinping for Zambia’s Debts to be Cancelled

African appeals for Chinese debt relief have until recently been somewhat vague and indirect, at least publicly. Well, that changed when the spokesman for Edgar Lungu released details of Zambian president's call on Monday with his Chinese counterpart Xi Jinping.  “President ...

World Bank President Says He’s Confident China, Private Creditors Will Deliver Debt Relief

World Bank President David Malpass (photo) told Bloomberg that he's confident private creditors will somehow come up with a way to restructure the $140+ billion of bond debt that poor countries owe investors. “The view of the international community was very ...
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