There was a major breakthrough this week in China’s months-long standoff with the World Bank, IMF, and other multilateral creditors when Beijing agreed to fully back Sri Lanka’s debt restructuring. The move now clears the way for Colombo to secure $2.9 billion in emergency IMF funding and to put the South Asian country on the path toward recovery.
Now, everyone wants to know whether China will extend a similar offer to Zambia, Ghana, and Ethiopia which are also in the midst of similar debt restructuring talks or will it stick to its hardline position that multilateral lenders must also agree to accept losses on their loans to these countries.
Yunnan Chen, a research fellow at the Overseas Development Institute in London, and Gyude Moore, a senior policy fellow at the Center for Global Development in Washington, two of the world’s leading experts in this field, join Eric & Cobus to discuss China and the debt crisis in a number of African countries.
SHOW NOTES:
- Overseas Development Institute:ย China in the multilateral development banks: evolving strategies of a new power by Yunnan Chen and Chris Humphrey:ย https://bit.ly/3CR6AiD
- Center for Global Development: Will China Play Its Part in Addressing African Debt Distress? by Gyude Moore:ย https://bit.ly/3ZHbI5u
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