debt relief - The African Mirror

Oct

2022

Analysis: Poor nations face peril over elusive G-20 debt relief push

KARIN STROHECKER and ANDREA SHALAL A failure to secure meaningful progress on debt relief for the world's poorest nations at the International Monetary Fund and World Bank annual meeting in Washington has left policymakers, campaigners and investors frustrated. Two years ago the Group of 20 launched the Common Framework - a mechanism designed to provide a swift and comprehensive debt overhaul to nations buckling under debt burdens after the COVID-19 shock that would reach beyond temporary debt payment moratoriums. But results have proven elusive, hampered by a combination of a lack of progress in bringing key creditors around the table…

Apr

2022

By The African Mirror

South Africa’s COVID relief measures mostly excluded refugees: a neglect of duty

COVID-19

THE early days of the COVID-19 pandemic in South Africa saw the government impose a lockdown in a bid to save lives. It introduced several interventions to cushion the impact of the crisis caused by the shutdown of economic activities on citizens. Among the measures were food aid as well as unemployment and debt relief. Refugees and asylum seekers expected similar protection. Their expectations flowed from the fact that the South African government has a responsibility to protect them according to the Refugees Act 130 of 1998. Author CALLIXTE KAVURO, Postdoctoral Research Fellow in Public Law, Stellenbosch University The act…

Feb

2021

By The African Mirror

Sudan devalues currency to meet key condition for debt relief

BUSINESS

KHALID ABDELAZIZ SUDAN’S central bank sharply devalued the currency yesterday, announcing a new regime to "unify" official and black-market exchange rates in an effort to overcome a crippling economic crisis and access debt relief. The change is a key reform demanded by foreign donors and the International Monetary Fund (IMF), but was delayed for months as shortages of basic goods and rapid inflation complicated a fragile political transition. The central bank set the indicative rate at 375 pounds to the dollar, several commercial banking sources said, from a previous official rate of 55 pounds. Recently, the dollar traded at between…

Feb

2021

By The African Mirror

‘Liberia will bounce back from COVID-19 crisis with 3.2% growth’

BUSINESS

ALPHONSO TOWEH LIBERIA is in talks with China over debt relief and expects to return to economic growth this year of 3.2% after an estimated 3% contraction in 2020 due to the coronavirus crisis, Finance Minister Samuel Tweah told Reuters yesterday. Tweah said he had feared the worst when the pandemic struck last year, since the West African nation's economy was already fragile partly due to the winding down of some foreign aid flows after a 2014-16 Ebola outbreak. "We thought the economy would have collapsed, but it did not happen," he said in an interview. "That suggests strong resilience.…

Nov

2020

By The African Mirror

G20 to discuss post-pandemic world, back debt relief

WORLD

JAN STRUPCZEWSKI LEADERS of the 20 biggest world economies (G20) will debate this weekend how to deal with the unprecedented COVID-19 pandemic that has caused a global recession and how to manage the recovery once the coronavirus is under control. High on the agenda are purchases and global distribution of vaccines, drugs and tests for low-income countries that cannot afford such expenses themselves. The European Union will urge the G20 on Saturday to invest $4.5 billion to help. "The main theme will be to step up global cooperation to address the pandemic," said a senior G20 official taking part in…

Nov

2020

By The African Mirror

Italy to pursue Africa debt relief during G20 presidency – diplomat

BUSINESS

ITALY will use its forthcoming presidency of the Group of 20 major global economies to try to secure further debt relief for African states, a senior Italian diplomat has promised. Italy takes over the annual rotating presidency of the G20 on December 1 and will look to build on a deal struck by major international creditors in April that was aimed at relieving the world's poorest nations of debt payments. "Every further move, due to the diversity of the G20 membership, is not going to be so easy, but we will work in order to achieve a good result," said…

Nov

2020

By The African Mirror

In U-turn, Kenya plans to defer $690 million in debt payments under G20 initiative

BUSINESS

DUNCAN MIRIRI KENYA has changed its mind about a G20 coronavirus debt relief initiative it declined to join earlier this year, and is now planning to defer around $690 million in debt payments, its finance minister told Reuters. Kenya had said in May that it would not seek suspension of debt payments under the G20's Debt Service Suspension Initiative (DSSI), aimed at helping poor countries weather the COVID-19 pandemic, as it found the terms too restrictive. "We have been reluctant in the past because of the attendant unintended consequences in terms of those holding private debt," Finance Minister Ukur Yatani…