President William Ruto will ask China for a U.S.$1 billion loan to complete stalled road construction projects, when he travels to Beijing later this month, Reuters reports. Ruto’s plan, which also includes a request to lengthen the maturity periods of existing loans, marks a shift in his stance on Chinese debt after his coalition criticised his predecessor […]
Tag: Debt
Seychelles is seeking the technical assistance of the World Bank through a soft loan to address the problems the island nation is facing with its solid waste management, said Vice President Ahmed Afif on Thursday. In its meeting on Wednesday, the Cabinet of Ministers approved the proposal for seeking a loan of $5 million from […]
Despite Nigeria’s rising external debt burden, some financial experts have dispelled fears of possible default in repayment saying that the current N49trn external debt burden is still sustainable. The experts made the observation at the Capital Market Solicitors Association, CMSA, 2023 Annual Business Conference tagged “Recent Developments in Sub-Saharan Africa Sovereign Debt: Implications for Nigeria.” […]
Mozambique today announced a negotiated deal with the major Swiss Bank UBS. It took over Credit Suisse after CS collapsed under a series of corruption scandals including the Mozambique secret debt. This ends only part of the case about the secret debt in the commercial count in London. Economy and Finance Minister Max Tonela and […]
Harare — The Ghanaian government filed for bankruptcy following its failure to pay the billions of dollars it owes to foreign creditors, Nile Post reports. On October 30, 2022, President Nana Akufo-Addo took the nation into his confidence. “We are in a crisis, I do not exaggerate when I say so. I cannot find an example in […]
Maputo — The South African Minister of Electricity, Kgosientsho Ramokgopa, has claimed that the supposedly complicated nature of the transaction, a lack of urgency from the South African electricity company, Eskom, and Eskom’s outstanding debt have contributed to the delay in importing a further 100 megawatts of power from Mozambique, a deal which was agreed […]
The Debt Management Office (DMO) has disclosed that Nigeria’s total public debt hit N87.38 trillion at the end of the second quarter of 2023. The figure represents an increase of 75.29 per cent or N37.53 trillion compared to N49.85 trillion recorded at the end of March 2023. In a report on Thursday, the DMO said […]
The publicly-owned company Mozambique Airlines (LAM) has reduced its debt by around US$61.6 million in the last quarter, following various actions carried out by Fly Modern Ark (FMA), the South African consultant hired to revive the airline. According to the LAM restructuring project manager, Sergio Matos, who revealed the figure on 29 August in Maputo, […]
Dakar, SENEGAL — Trust Africa and the African Forum and Network on Debt and Development (AFRODAD) and partners will be hosting the third edition of African Conference on Debt and Development (AfCoDD III) themed “The 4Rs for Africa Rule-Maker: Reimagining, Rethinking, Reorganising, and Remobilising for an African World Order” in Dakar, Senegal on 30th August […]
Prime Minister Abiy Ahmed (PhD) announced that Ethiopia has been granted a one-year grace period for debt repayments to China. This comes as the country works to finalize the restructuring of its debts. In discussions with Chinese President Xi Jinping, Ethiopia was given a one year postponement of repayments until the restructuring process is complete, […]
The Manufacturers Association of Nigeria (MAN) has stated that the rising domestic debt is highly crowding out private investment in the manufacturing sector by reducing credit availability and forcing a hike in lending rates. This was contained in the MAN CEO’s Confidence Index (MCCI) for the first quarter of 2023. The report stated that “in […]
Credit loss expense for the apex bank rose to N875.2 billion from N498.2 billion a year earlier, according to its recently released audited earnings report. The Central Bank of Nigeria (CBN) turned in a higher net profit for 2022, achieved amid a sharp deterioration in the credit quality of its risk assets. The bank’s financial […]
Nairobi, Kenya — Somalia’s efforts toward building strong institutions received a boost with a new $75 million grant, the second in a series of two grants that are helping the country make progress on its path to qualify for full and irrevocable debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative. In a context […]
The House of Representatives has resolved to investigate the flagrant disobedience of International Oil Companies to the Delta Development Commission (NDDC) Act which culminated in $4 billion indebtedness to the Commission. This followed the adoption of a motion sponsored by Hon. Donald Kimikanboh Ojogo from Ondo State at plenary yesterday. Moving the motion, the Ojogo […]
The ActionAid Nigeria (AAN) has expressed concern that Nigeria debt service ratio will peak from current 101.5 percent in 2022 to 121percent of the revenue by 2023 ending. The AAN Country Director, Ene Obi, said this on Tuesday in Abuja at a one-day “Technical Roundtable on Economic Agenda Setting for President Bola Ahmed Tinubu Administration”, […]
Nairobi — Global rating firm Fitch has downgraded Kenya’s rating from stable to negative due to elevated debt repayment. The agency on Thursday revised the Outlook on Kenya’s long-term foreign-currency Issuer Default Rating (IDR) to negative from stable and affirmed the IDR at ‘B’. It attributes the downgrade to increased external financing constraints amid high […]
President Dr. Lazarus McCarthy Chakwera has highlighted high levels of toxic debt, fraud and financial mis-reporting to International Monetary Fund (IMF) and criminal cartels in the Democratic Progressive Party (DPP) regime as some of the obstacles his administration faced as it embarked on its development agenda. Chakwera was speaking at the 59th Independence Day Celebrations […]
The Liberian Senate has voted to concur with the House of Representatives on the ratification of a loan agreement between the Liberian Government and the International Development Association (IDA). The loan agreement titled “Resilient Recovery Stand Alone Development Policy Financing” is in the tone of 65 million United States Dollars. It can be recalled that […]