Analysis - Debt relief plans are progressing slowly, much to the agony of developing countries. China has been widely blamed for the delayed global response. Beijing disagrees and puts the onus on the US and lenders backed by it.
Debt relief plans are progressing slowly, much to the agony of developing countries. China has been widely blamed for the delayed global response. Beijing disagrees and puts the onus on the US and lenders backed by it., developing countries, many of them in Africa, piled on colossal levels of debt to keep their economies afloat. Today, 3.3 billion people live in countries that spend more on interest payments than on education or health, according to the United Nations.
Any relief from creditors has been painstakingly slow to arrive as the International Monetary Fund , World Bank and the Paris Club of creditors contend with the rise of new official creditors such as China, India and the Gulf countries.is among the key themes at the annual meetings of the IMF and World Bank in Marrakech as leaders find ways to accelerate debt relief.
"Beijing is now learning that some of its Belt and Road borrowers are insolvent and short-term liquidity relief alone is not going to solve the problem," Parks said. :"Such ill-intentioned accusations are sheer nonsense" -- and added that the total debt service payments suspended by China are the largest among G20 members.
Landers suggests creating a Paris Club-like group of official creditors with China as a key decision-maker.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Can World Bank, IMF Work With Africa to Break Its Debt Cycle?The annual meeting of the World Bank and International Monetary Fund (IMF) are due to take place in Marrakech, Morocco from October 9-15, 2023 and will be attended by approximately 12,200 participants from more than 180 countries. Of concern, is the perpetuation of a debt cycle in Africa, writes Dean Bhekumuzi Bhebhe for African Arguments. More than half of adaptation finance for Climate projects in Africa, comes in the form of loans, further deepening countries' indebtedness. As African nations
Read more »
China's Country Garden says might not meet all debt obligationsDebt-saddled Chinese property giant Country Garden said Tuesday that it did not expect to meet all of its offshore payment obligations in time as it battles to avoid default. In a filing with the Hong Kong Stock Exchange, the firm said it 'expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods'.
Read more »
Encouraging news for South Africa’s economyIMF sees rebound on the horizon for Africa’s economies – including South Africa.
Read more »
Africa: Nigeria Rises to 4th in Africa's Trade RankingsThe latest Africa Trade Barometer has revealed that Nigeria has moved up four positions from eighth to forth in the country rankings.
Read more »
Africa: Nigeria Takes 4th Position As South Africa Leads in Tradability Index - ReportSouth Africa has the highest Tradability Index in Africa while Angola has the lowest, according to the Africa Trade Barometer 2023 Issue three report.
Read more »
Africa: To End Child Marriage in Southern & East Africa, Governments Need to Strengthen Laws & ImplementationOpinion - Almost one third (32%) of women aged 20 to 24 in Eastern and Southern Africa - around 50 million - were married before 18 years old. To address this pervasive problem, the Southern African Development Community (SADC) Parliamentary Forum has adopted the SADC Model Law on Eradicating Child Marriage and Protecting Children Already in Marriage, a legal framework providing a comprehensive, integrated approach to ending child marriage and protecting children already married.
Read more »