Increasing G20 cooperation on debt and investment in Africa
1 year, 4 months ago

Increasing G20 cooperation on debt and investment in Africa

Hindustan Times  

Africa’s long-standing and difficult history with international capital can be attributed to a complex set of factors, including historical legacies, structural adjustment programmes and, most recently, Chinese investment. While Africa’s hard-won credit market access had been hailed as the key to boosting the region’s growth and development, countries now face significant challenges in their relationship with international capital, with profound economic, political and social implications. In recent years, many analysts have pointed to China’s capital expansion in Africa to explain the region’s growing economic challenges, arguing that its “debt-trap diplomacy” has pushed countries towards insolvency. However, while SAPs initially aimed to address the challenges facing these emerging economies and contribute to Africa’s sustainable development, the academic literature generally agrees upon the ultimate ineffectiveness of these programmes, which have been widely condemned for their negative impacts on social welfare and economic growth.

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History of this topic

G20 has will, capacity and determination to address global challenges: S African finance minister
1 week, 3 days ago

G20 has will, capacity and determination to address global challenges: S African finance minister

ABP News  

Johannesburg, Dec 14 : G20 countries have the will, capacity and determination to address the formidable global challenges ahead, South African Finance Minister Enoch Godongwana has said here. But the G20 has the will, capacity and determination to address them," Godongwana said as he added that this was captured in the theme of South Africa's G20 Presidency -- 'Solidarity, Equality …

Do we still need the G20?
4 weeks ago

Do we still need the G20?

China Daily  

MA XUEJING/CHINA DAILY The G20 remains an important platform for dialogue between major countries and a banner of multilateralism in today's world. The most representative platform for global economic governance The G20 brings together major developed and developing countries and keeps a balance of representation of all continents in the world. The 2024 Kazan Declaration of BRICS, a prominent platform …

Global South can be pillar of global development
Trending News
1 month ago

Global South can be pillar of global development

China Daily  

This photo taken on Nov 16, 2024 shows a G20 logo near the main venue of the 19th G20 summit in Rio de Janeiro, Brazil. The G20 summit, which concluded in Rio de Janeiro on Tuesday, has underscored the important roles the Global South has assumed in different fields, as well as the urgency of reforming the global governance system …

Global South can be pillar of global development
Trending News
1 month ago

Global South can be pillar of global development

China Daily  

Updated: 2024-11-21 08:18 This photo taken on Nov 16, 2024 shows a G20 logo near the main venue of the 19th G20 summit in Rio de Janeiro, Brazil. The G20 summit, which concluded in Rio de Janeiro on Tuesday, has underscored the important roles the Global South has assumed in different fields, as well as the urgency of reforming the …

South Africa expects G20 to facilitate cooperation
1 month ago

South Africa expects G20 to facilitate cooperation

China Daily  

The Ginga Tropical Dance Group performs on the eve of the 2024 G20 Meeting in Rio de Janeiro, Brazil, on Sunday. BUDA MENDES / GETTY IMAGES The G20 summit in Rio de Janeiro is expected to facilitate international trade and address challenges facing the world, including strengthening global governance and multilateralism, South African officials and experts said. South Africa is …

South Africa expects G20 to facilitate cooperation
1 month ago

South Africa expects G20 to facilitate cooperation

China Daily  

The Ginga Tropical Dance Group performs on the eve of the 2024 G20 Meeting in Rio de Janeiro, Brazil, on Sunday. BUDA MENDES / GETTY IMAGES The G20 summit in Rio de Janeiro is expected to facilitate international trade and address challenges facing the world, including strengthening global governance and multilateralism, South African officials and experts said. South Africa is …

Africa set to leverage advantages from G20
Trending News
1 month ago

Africa set to leverage advantages from G20

China Daily  

MA XUEJING/CHINA DAILY African countries should use the opportunity of G20 membership to promote trade and investment with the world's most powerful countries, experts said ahead of this year's G20 summit. Kubayi said African countries and many nations in the Global South need technical skills and funding to assist them in a just transition to clean energy and the gradual …

China’s relationship with Africa is growing murkier
1 month, 2 weeks ago

China’s relationship with Africa is growing murkier

Live Mint  

It has been the highlight of most African leaders’ diplomatic calendar for nearly a quarter of a century. Billed by China’s foreign ministry as a “grand reunion of the China-Africa big family", more than two dozen African leaders are in attendance. The relationship is less frenzied than in the 2000s and 2010s, when China’s state-backed banks funnelled billions into Africa’s …

Forum on China-Africa Cooperation 2024: Don’t Be Distracted by the Money
2 months ago

Forum on China-Africa Cooperation 2024: Don’t Be Distracted by the Money

The Diplomat  

In early September, during the ninth Forum on China-Africa Cooperation summit held in Beijing, China’s promise to give $50.7 billion of financial support to African countries over the next three years dominated international headlines. In the Beijing Action Plan, the most important publication from the summit, China pledged to “provide Africa with RMB 360 billion of financial support in the …

Chinese FM urges G20 to advance, improve global governance with partnership spirit
2 months, 4 weeks ago

Chinese FM urges G20 to advance, improve global governance with partnership spirit

China Daily  

UNITED NATIONS -- Chinese Foreign Minister Wang Yi said here Wednesday that the Group of 20 members should take on the responsibilities of major powers and, with a spirit of partnership, advance and improve global governance. Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during a meeting of G20 …

China, Africa vital for Global South's modernization
3 months, 2 weeks ago

China, Africa vital for Global South's modernization

China Daily  

Editor's note: With China and Africa elevating their relationship to an all-weather China-Africa community with a shared future in the new era, the two sides are working more closely to realize modernization. China's pursuit of high-quality development and modernization has inspired many Global South countries, including African nations, to take measures to boost development and alleviate poverty. African countries have …

China, Africa vital for Global South's modernization
3 months, 2 weeks ago

China, Africa vital for Global South's modernization

China Daily  

Editor's note: With China and Africa elevating their relationship to an all-weather China-Africa community with a shared future in the new era, the two sides are working more closely to realize modernization. China's pursuit of high-quality development and modernization has inspired many Global South countries, including African nations, to take measures to boost development and alleviate poverty. African countries have …

In Africa, China eyes minerals and UN clout
3 months, 2 weeks ago

In Africa, China eyes minerals and UN clout

Hindustan Times  

China’s Forum with Africa was a success, with 53 of the 55 countries of the African Union participating. Between 2000 and 2023, Chinese financial institutions lent $182.28 billion to 49 African countries and seven regional DFIs, according to an analysis by Boston University researchers. African leaders seek better access to the Chinese markets for African products, by adding value to …

Band-Aid alternative
3 months, 2 weeks ago

Band-Aid alternative

China Daily  

MA XUEJING/FOR CHINA DAILY China strives to provide long-term remedies for the treatment of African countries' pandemic-induced debt problems The Chinese government has provided a large amount of much-needed development funds for African countries through foreign aid, export credit, development finance, equity investment and other means, effectively alleviating their financing pressure and gradually becoming one of the most important sources …

Chinese FM proposes principles for int'l cooperation with Africa
3 months, 2 weeks ago

Chinese FM proposes principles for int'l cooperation with Africa

China Daily  

Chinese Foreign Minister Wang Yi, Senegalese Foreign Minister Yacine Fall and Minister of Foreign Affairs of the Republic of Congo Jean-Claude Gakosso meet the press during the 2024 Summit of the Forum on China-Africa Cooperation in Beijing on Thursday. Wang, also a member of the Political Bureau of the Central Committee of the Communist Party of China, put forward the …

Band-Aid alternative
3 months, 2 weeks ago

Band-Aid alternative

China Daily  

MA XUEJING/FOR CHINA DAILY China strives to provide long-term remedies for the treatment of African countries' pandemic-induced debt problems The Chinese government has provided a large amount of much-needed development funds for African countries through foreign aid, export credit, development finance, equity investment and other means, effectively alleviating their financing pressure and gradually becoming one of the most important sources …

Collaboration transcends economic development
3 months, 2 weeks ago

Collaboration transcends economic development

China Daily  

An Africa-bound freight train leaves Zhuzhou, Hunan province. While the economic partnership between China and Africa continues to strengthen, Ye said there are underlying issues that need to be addressed — particularly the need to diversify the trade structures between the two regions. While trade serves as a cornerstone of China-Africa cooperation, another significant aspect that underscores the depth of …

China-Africa summit 2024: What’s in it for Beijing, Xi Jinping and Africa?
3 months, 2 weeks ago

China-Africa summit 2024: What’s in it for Beijing, Xi Jinping and Africa?

Al Jazeera  

Beijing is looking to woo African countries with more investment dollars in exchange for better access to raw minerals. The China-Africa summit, which will last from September 4 to 6, will see leaders of African countries meet and discuss policies and cooperation agreements with officials from the continent’s biggest lender and investor. Agreements in past summits have unlocked unrivalled access …

Xi encourages African scholars to bolster China-Africa cooperation, Global South development
3 months, 3 weeks ago

Xi encourages African scholars to bolster China-Africa cooperation, Global South development

China Daily  

This photo taken on Aug 29, 2024 shows the logo of the 2024 Summit of the Forum on China-Africa Cooperation near China National Convention Center in Beijing, capital of China. NAIROBI -- President Xi Jinping encouraged African scholars to continue to provide intellectual support for building a high-level China-Africa community with a shared future and safeguarding the common interests of …

China-Africa cooperation empowers Africa's modernization
3 months, 3 weeks ago

China-Africa cooperation empowers Africa's modernization

China Daily  

MA XUEJING/CHINA DAILY True friendship transcends time and distance, built on sincerity and mutual respect on an equal footing. Knowing full well the critical importance of infrastructure to national development, China has made significant efforts to help African countries build and upgrade key infrastructure, including over 200,000 kilometers of optical fiber, nearly 100,000 kilometers of roads, more than 10,000 kilometers …

African development gets Chinese push
3 months, 3 weeks ago

African development gets Chinese push

China Daily  

Exhibitors exchange at an expo in Nairobi, Kenya. LI YAHUI/XINHUA Trade between China and Africa rose 5.5 percent year-on-year to 1.19 trillion yuan in the first seven months of this year, while China's trade with Africa in intermediate goods posted 6.4 percent year-on-year growth, official data showed. Echoing that sentiment, Zhang Chun, a researcher at the Center for African Studies, …

African development gets Chinese push
3 months, 3 weeks ago

African development gets Chinese push

China Daily  

Exhibitors exchange at an expo in Nairobi, Kenya. LI YAHUI/XINHUA Trade between China and Africa rose 5.5 percent year-on-year to 1.19 trillion yuan in the first seven months of this year, while China's trade with Africa in intermediate goods posted 6.4 percent year-on-year growth, official data showed. Echoing that sentiment, Zhang Chun, a researcher at the Center for African Studies, …

Nation to back financial institutions
4 months ago

Nation to back financial institutions

China Daily  

Exhibitors promote coffee products during an expo in Nairobi, Kenya earlier this year. LI YAHUI/XINHUA China will encourage and support financial institutions from both its market and Africa to strengthen exchanges and innovate financial cooperation models in the years ahead, said government officials on Tuesday. Speaking ahead of the 2024 Summit of the Forum on China-Africa Cooperation, which will be …

China-Africa economic, trade cooperation reaches new heights
4 months ago

China-Africa economic, trade cooperation reaches new heights

China Daily  

Photo taken on May 8, 2022 shows a section of the Nairobi Expressway in Nairobi, Kenya. Growing trade, investment cooperation "China has remained Africa's largest trading partner for 15 consecutive years," Tang said, noting that in 2023, China-Africa trade reached $282.1 billion, up nearly 11 percent compared with 2021, which demonstrates the strong resilience of China-Africa trade. China-aided projects benefit …

China funding aids Africa development
4 months, 1 week ago

China funding aids Africa development

China Daily  

Photo taken on May 8, 2022 shows a section of the Nairobi Expressway in Nairobi, Kenya. Financial assistance from China has played a crucial role in infrastructure development in Africa since the Forum on China-Africa Cooperation, or FOCAC, was established, paving the way for economic prosperity, observers said, adding that Sino-African cooperation will help address emerging challenges facing the continent …

Multiplier effect
5 months, 2 weeks ago

Multiplier effect

China Daily  

MA XUEJING/CHINA DAILY China and African countries have a long-standing relationship based on mutual respect and equality. Multilateral development banks, such as the World Bank, African Development Bank, and others, have long been central to Africa's development. Multilateral banks, China and African countries must work together to identify shared development goals and align their strategies and investments accordingly. To better …

Multiplier effect
5 months, 2 weeks ago

Multiplier effect

China Daily  

MA XUEJING/CHINA DAILY China and African countries have a long-standing relationship based on mutual respect and equality. Multilateral development banks, such as the World Bank, African Development Bank, and others, have long been central to Africa's development. Multilateral banks, China and African countries must work together to identify shared development goals and align their strategies and investments accordingly. To better …

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations
8 months, 2 weeks ago

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations

Bloomberg  

More than half of the world’s low-income countries are at high risk of debt distress or are already in it, and several have defaulted. But despite the world’s 20 largest economies having agreed in 2020 to a plan called the Common Framework to smooth the process of restructuring loans that governments could no longer afford to service or repay, progress …

China's sharing of growth has global impact
8 months, 3 weeks ago

China's sharing of growth has global impact

China Daily  

Photo shows a view of Nansha Port in Guangzhou, South China's Guangdong province. Serving as a blueprint for China's quest for modernization in all aspects, the report clearly showed Beijing's efforts to continue pursuing higher-quality economic growth and to appropriately increase economic output. In 2017, scholar Joseph Nye Jr said that if a rising China failed to deliver global public …

Zambia and Creditors to Restart Bond Restructuring Negotiations
9 months ago

Zambia and Creditors to Restart Bond Restructuring Negotiations

Hindustan Times  

Foreign investors are set to restart talks with Zambia officials on a deal to restructure $3 billion of global bonds, marking a potential turning point in the African nation’s years-long effort to lift itself out of default, according to people familiar with the matter. The sides are trying to reach a deal before next month’s International Monetary Fund meetings in …

China’s ties with Africa | Explained
10 months, 3 weeks ago

China’s ties with Africa | Explained

The Hindu  

The story so far: From January 13-18, the Chinese Minister of Foreign Affairs, Wang Yi, visited four African countries, Egypt, Tunisia, Togo and the Ivory Coast. Earlier, their relationship focused on ideological support; it was only in 1999 that China encouraged its companies to invest in Africa as part of the “Go Out Policy.” In 2000, the FOCAC held its …

Improving funding in Africa
1 year, 2 months ago

Improving funding in Africa

China Daily  

Adding equity and quasi-equity financing mechanisms can advance BRI's objectives in the large, populous but poorest continent and, possibly, other continents too Extreme poverty is afflicting hundreds of millions all over the African continent. China's BRI directly addresses the yawning physical infrastructural gap in Africa and is already making a big impact on the continent. The African Development Bank estimates …

China, Africa cooperation impacts the world
1 year, 3 months ago

China, Africa cooperation impacts the world

China Daily  

Freight trains are seen at Nairobi station of Mombasa-Nairobi Standard Gauge Railway in Nairobi, capital of Kenya, Nov 17, 2021. China has become one of the main sources of investment and financing in Africa, providing a large amount of urgently needed funds for African development through mechanisms such as providing aid, government concessional loans, commercial financial institution credit funds, special …

China, EU can make G20 more inclusive
1 year, 3 months ago

China, EU can make G20 more inclusive

China Daily  

JIN DING/CHINA DAILY The just-concluded G20 Summit in New Delhi may not have been successful on some fronts, possibly due to differences among the member economies, but it provided a good opportunity for Premier Li Qiang to hold talks with European leaders and make them better aware of China's policies. There are enough reasons for China and European countries to …

Finance minister calls for concerted global efforts to restructure debt for poor countries
1 year, 4 months ago

Finance minister calls for concerted global efforts to restructure debt for poor countries

India TV News  

Finance Minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the …

G20’s response to debt distress: The case of Sri Lanka
1 year, 5 months ago

G20’s response to debt distress: The case of Sri Lanka

Hindustan Times  

With new challenges and changes in the world order, countries across the globe are embracing new partnerships and risky engagements to fuel their economic growth. The economic crisis in Sri Lanka illustrates this challenge of debt sustainability and management among middle-income countries. This brief uses the economic crisis in Sri Lanka as a case in point to highlight the following …

G20 finance chiefs meeting in India address global challenges like climate change and rising debt
1 year, 5 months ago

G20 finance chiefs meeting in India address global challenges like climate change and rising debt

Associated Press  

NEW DELHI — Finance ministers from the Group of 20 nations meeting in India on Monday are poised to address critical global economic challenges, including the threats posed by climate change and rising debt among low-income countries. “The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work …

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres
1 year, 5 months ago

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres

The Hindu  

U.N. Secretary-General Antonio Guterres has said that the G20 Summit to be hosted under India's Presidency provides an opportunity to take action on debt relief and reform the global financial system, as he voiced concern over the "crushing debt crisis" in the world. Mr. Guterres said that because most of these unsustainable debts are concentrated in poor countries, they are …

India’s ’economic diplomacy’ bolsters lending in Africa, countering China
1 year, 5 months ago

India’s ’economic diplomacy’ bolsters lending in Africa, countering China

Live Mint  

India has increased its credit flow to Africa, making it the second-largest beneficiary of Indian credit. As per a report by Bloomberg, Forty-two African nations received about $12 billion or 38% of all credit extended by India in the last decade — just a few percentage points below its neighbours, Harsha Bangari, the managing director of India’s Export-Import Bank said …

Country has key role in Africa's industrial growth
1 year, 7 months ago

Country has key role in Africa's industrial growth

China Daily  

For decades, Africa's industrial development — either as a concept or in practice — has featured in all bilateral and multilateral engagements at regional, continental and global levels. In 2008, during a summit themed "the industrialization of Africa", African leaders endorsed and adopted the plan of action for the accelerated industrial development for Africa. However, despite having vast natural resources, …

Nation's pace of recovery offers global inspiration
1 year, 8 months ago

Nation's pace of recovery offers global inspiration

China Daily  

A view of Beijing's CBD area on Aug 19, 2022. The World Bank has revised its global growth prospects, thanks to a strong economic rebound by China following Beijing's optimization of COVID-19 containment measures. China's economy is now expected to grow by 5.1 percent in 2023, injecting new impetus into the global economic outlook, which is now projected to grow …

China denies ’debt trap diplomacy’ amid $59.87 loan to African nations
1 year, 8 months ago

China denies ’debt trap diplomacy’ amid $59.87 loan to African nations

Live Mint  

Chinese foreign ministry spokesperson Wang Wenbin clarified that China is not responsible for African countries' "debt trap," but rather a supportive partner in helping them and other developing nations break free from the "poverty trap," as reported by CCTV. As per the report, Wenbin stressed that those accusations have no factual basis and, "China attaches great importance to Africa's debt …

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries
1 year, 8 months ago

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries

The Hindu  

Ahead of the G20 Finance Ministers and Central Bank Governors meeting on April 12 and 13, Finance Minister Nirmala Sitharaman expressed hope that the group could come together to address the debt distress of middle-income countries. While there could be “one or two” issues on which consensus is not possible, the Finance Minister said India’s presidency “is a great opportunity …

China must show it can play by world debt-revamp rules: IMF
1 year, 8 months ago

China must show it can play by world debt-revamp rules: IMF

Hindustan Times  

China, the biggest bilateral creditor to developing countries, needs to show it can operate within established international debt-relief processes for poor nations struggling to pay, the chief of the International Monetary Fund said. “China has been very slow to recognize that multilateral debt restructuring requires China to play by the rules that are already established,” Managing Director Kristalina Georgieva said …

G20 agrees on debt relief
1 year, 9 months ago

G20 agrees on debt relief

Deccan Chronicle  

NEW DELHI: Despite having some differences over the wording of the Russia-Ukraine war in the summary after the first G20 meeting of the Finance Ministers and Central Bank Governors under India’s presidency, Union finance minister Nirmala Sitharaman on Sunday said that the G20 nations have agreed on language to deal with the debt vulnerabilities of developing countries. Vulnerable nations are …

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership
1 year, 9 months ago

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership

The Quint  

If the G20 finance ministers can break the deadlock, it could unlock restructurings in Sri Lanka and Zambia—those worst-affected by sovereign debt defaults, helping them with immediate aid while also renewing hope for other nations seeking desperate debt relief measures. A larger concern that stems from the gridlock seen in the way G20 functions is evident from the fact how …

Ukraine war is exacerbating fragilities in the global economy: G20 Ministers
1 year, 9 months ago

Ukraine war is exacerbating fragilities in the global economy: G20 Ministers

The Hindu  

At a meeting of G20 Finance Ministers and Central Bank Governors on Saturday in Bengaluru, most members called for a “complete and unconditional withdrawal” of the Russian forces from Ukrainian territory. “Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy — constraining growth, increasing …

Debt load may pose threat to nations: PM
1 year, 9 months ago

Debt load may pose threat to nations: PM

Live Mint  

Prime Minister Narendra Modi cautioned on Friday that unsustainable debt levels posed a threat to the financial stability of nations and called upon G20 finance ministers and central bank governors to work towards restoring stability, confidence, and growth to the global economy. International Monetary Fund managing director Kristalina Georgieva said on Thursday that the IMF, World Bank and India’s G20 …

The G20 must help resolve debt crisis across the world
1 year, 10 months ago

The G20 must help resolve debt crisis across the world

Live Mint  

Debt distress is not merely a macroeconomic problem. As India has assumed the G20 presidency at an uncertain time for the global economy, addressing debt distress, initiating action and devising a coordinated framework for relief would be daunting endeavour.The G20 in 2020 launched a Common Framework which brought creditors such as China and India, along with the IMF, the Paris …

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